THE EUROPEAN INVESTMENT BANK WILL FINANCE $ 104 MILLION FOR THE MODERNIZATION OF PUBLIC AND URBAN TRANSPORT
Modernization of Line D of Buenos Aires subway will increase the frequency
of service and will benefit 577,000 daily users
Wednesday May 22, 2019
The Ministry of Finance of the Nation and the European Investment Bank
(EIB) signed the Guarantee Agreement of the credit line for $ 104 million
sovereign guarantee for the implementation of the modernization of the line
D of the underground network the Autonomous City of Buenos Aires, in order
to mitigate the current problems of metropolitan mobility.
Total investment in the first stage will be US $ 264.75 million will be
devoted to the implementation of a new management system for trains,
readjusting the power system and improvements in accessibility, signage and
transit stations. In this way it seeks to cover 100% of the fleet of the
line D with Alstom formations that have air conditioning.
The modernization of the line D subway will extend the benefits of service
from 390,000 to 577,000 passengers per day and reduce travel times between
headers by 15%, increasing the supply of transport in the corridor of
greater territorial density of Argentina with more than 24 thousand
inhabitants per square kilometer. Generally speaking, the entire population
of the city will also benefit by reducing pollutant emissions in surface
through the transfer of passengers from the public transport system in the
underground surface transport.
The project is part of the Comprehensive Plan for Modernization (PIMO)
network designed by SUBWAY Buenos Aires Subways S.E. (SBASE), the executing
agency. The plan aims to modernize the service offered by establishing a
set of quantitative targets in terms of increase in passengers carried,
increased frequencies, improved user perception and strengthening the
sustainability of subway service to decongest the number of passengers
square meter and allow a more comfortable and safe trip.
During the meeting, where he presented the original documents signed, was
attended by Undersecretary of International Financial Relations, Ministry
of Finance, Martin Soto, director of operations with Global Partners EIB,
Maria Shaw-Barragan and accompanying adviser Operations in Latin America
and Caribbean EIB, Susan Antz. The parties noted the importance of this
first sovereign guarantee to the Government of the Autonomous City of
Buenos Aires in a show of support for the joint management of transport and
the diversification of investment sectors, driven by European funding
contract.
At the end, Shaw-Barragan and Soto agreed on the importance of arriving in
the near future to the signing of the financing agreement for USD 110
million for the "Support for Comprehensive Management of Salado River
Basin" project, aimed at the works channelization and dredging of the
homonymous basin, which will benefit residents and farmers in the districts
of May 25, Perez Roque and Lobos in the Province of Buenos Aires. It also
highlighted the interest in continuing to work for the approval of
projects "Distributed Solar Energy" for $ 52 million in the Province of
Jujuy and "Integrated Solid Waste Management (GIRSU Neuquén-Rio Black)" for
$ 25 million, both operations with the sovereign guarantee Nation.
EIB has become Argentina for a strategic partner for the development of
investment projects in energy, water and sanitation, urban waste
management, SMEs and transport, among others. The completion of this
transaction to the current portfolio of projects under implementation with
the Bank adds totaling USD 195 million. Among the programs they
are: "Provision of Financial Support for Support for SMEs", "Integrated
Management of Municipal Solid Waste (GIRSU Jujuy)", "Water and Sanitation
for the Metropolitan Area of Buenos Aires (aysa) "all structured under a
co-financing scheme with recognized international credit organizations.
of service and will benefit 577,000 daily users
Wednesday May 22, 2019
The Ministry of Finance of the Nation and the European Investment Bank
(EIB) signed the Guarantee Agreement of the credit line for $ 104 million
sovereign guarantee for the implementation of the modernization of the line
D of the underground network the Autonomous City of Buenos Aires, in order
to mitigate the current problems of metropolitan mobility.
Total investment in the first stage will be US $ 264.75 million will be
devoted to the implementation of a new management system for trains,
readjusting the power system and improvements in accessibility, signage and
transit stations. In this way it seeks to cover 100% of the fleet of the
line D with Alstom formations that have air conditioning.
The modernization of the line D subway will extend the benefits of service
from 390,000 to 577,000 passengers per day and reduce travel times between
headers by 15%, increasing the supply of transport in the corridor of
greater territorial density of Argentina with more than 24 thousand
inhabitants per square kilometer. Generally speaking, the entire population
of the city will also benefit by reducing pollutant emissions in surface
through the transfer of passengers from the public transport system in the
underground surface transport.
The project is part of the Comprehensive Plan for Modernization (PIMO)
network designed by SUBWAY Buenos Aires Subways S.E. (SBASE), the executing
agency. The plan aims to modernize the service offered by establishing a
set of quantitative targets in terms of increase in passengers carried,
increased frequencies, improved user perception and strengthening the
sustainability of subway service to decongest the number of passengers
square meter and allow a more comfortable and safe trip.
During the meeting, where he presented the original documents signed, was
attended by Undersecretary of International Financial Relations, Ministry
of Finance, Martin Soto, director of operations with Global Partners EIB,
Maria Shaw-Barragan and accompanying adviser Operations in Latin America
and Caribbean EIB, Susan Antz. The parties noted the importance of this
first sovereign guarantee to the Government of the Autonomous City of
Buenos Aires in a show of support for the joint management of transport and
the diversification of investment sectors, driven by European funding
contract.
At the end, Shaw-Barragan and Soto agreed on the importance of arriving in
the near future to the signing of the financing agreement for USD 110
million for the "Support for Comprehensive Management of Salado River
Basin" project, aimed at the works channelization and dredging of the
homonymous basin, which will benefit residents and farmers in the districts
of May 25, Perez Roque and Lobos in the Province of Buenos Aires. It also
highlighted the interest in continuing to work for the approval of
projects "Distributed Solar Energy" for $ 52 million in the Province of
Jujuy and "Integrated Solid Waste Management (GIRSU Neuquén-Rio Black)" for
$ 25 million, both operations with the sovereign guarantee Nation.
EIB has become Argentina for a strategic partner for the development of
investment projects in energy, water and sanitation, urban waste
management, SMEs and transport, among others. The completion of this
transaction to the current portfolio of projects under implementation with
the Bank adds totaling USD 195 million. Among the programs they
are: "Provision of Financial Support for Support for SMEs", "Integrated
Management of Municipal Solid Waste (GIRSU Jujuy)", "Water and Sanitation
for the Metropolitan Area of Buenos Aires (aysa) "all structured under a
co-financing scheme with recognized international credit organizations.