Abu Dhabi Fund for Development (ADFD), the national entity for international development aid, has approved $80 million in funding to contribute to the economic development of Argentina.
ADFD’s concessionary loan will facilitate the expansion of a water treatment plant in Desvio Arijon, Sante Fe, over two phases.
Upon completion, the project will provide clean drinking water to more than 300,000 beneficiaries in 19 residential areas.
Mohammed Saif Al Suwaidi, director general of ADFD and Gonzalo Saglione, Minister of Economy from the Province of Santa Fe, signed the loan agreement.
Al Suwaidi said: "Water is a primary resource to enhance the quality of life of any nation. In addition to creating job opportunities across several disciplines including construction, project management and operations, this project is also expected to bring significant socio-economic benefits to the residents of the Santa Fe province."
The funding will cover the supply and installation of the necessary equipment for the operation, control and maintenance, civil, as well as electromechanical works. It will also include the construction of four pumping stations and reservoirs in different locations.
Saglione praised the UAE’s role in assisting countries around the world with achieving their strategic growth objectives, adding that with the financial support from ADFD, water security in the province of Santa Fe in Argentina is set to become a reality.
In 2016, ADFD signed a $15 million concessionary loan agreement with Argentina to finance the construction of the Nahave Hydropower project.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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