CAF promises Sergio Massa that it will send $ 400 million next week

Looking for dollars to bolster reserves – down 7% in the last 30 days alone – Economy Minister Sergio Massa secured an income of $ 400 million next week. Funds will come from Andean development company (CAF), the multilateral organization that acts as a development bank and is made up of 18 countries in the region.

The funds are part of a $ 740 million loan which the official signed together with the president of the institution, Sergio Díaz Granados, and which he reported through a series of tweets, one of his favorite forms of communication.

The funds are part of six agreements and will be used for Public Worksin the “Argentina against hunger” plan, development of Agro-export complexes, projects for the expansion and improvement of school infrastructures in the Province of Buenos Aires and environmental protection programs.

“This agreement is very important because it generates a transfer of dollars which enables replace part of the cost in pesos that the state was making, and why produces dollar income that helps us continue to build reserves “Massa said..

The destination of the funds

As explained in Economics, the 740 million US dollars will be distributed as follows:

• National Plan “Argentina against hunger”: 100 million dollars for families in situations of social and health vulnerability, particularly with children under the age of 14. The Program reaches over 2,419,592 people who receive the AlimentAR Card.

• Program of basic works, primary and secondary networks for the AMBA: 340 million dollars for the expansion and improvement of water and sanitation services for the districts of Malvinas Argentinas, José C. Paz, Moreno, Tigre, San Miguel, Ezeiza, Esteban Echeverría and La Matanza in Buenos Aires.

• Export, environment, school and road infrastructures: 300 million dollars

NEITHER