Saglione meets with authorities of Abu Dhabi Fund for Development

They analyzed the evolution of the second stage of Desvio Arijón project financing. The meeting was held within the framework of the commercial mission to Dubai that Santa Fe Province attained next to the Central Region.

La provincia Saglione meets with authorities of Abu Dhabi Fund for Development.

Jueves 2 de marzo de 2017 In Dubai, the Minister of Economy of the Province, Gonzalo Saglione, held a meeting with Mohammed Saif Al Suwaidi, General Director of the Abu Dhabi Fund for Development (ADFD), in which they addressed the situation of a credit application status for $ 80 million which already has a pre-approval and that will be earmarked for the construction of the second stage of the Desvio  Arijón aqueduct.

"We believe that the meeting was very positive, insofar and as soon as the highest authorities of the Fund have ratified that the financing operation with the Province of Santa Fe is now in instances to be considered by the executive director of the Agency and, in this context, it is expected that within a period of two or three months the project will be submitted for consideration to the Executive Board. With these projections, between May and June we would be able to have the final approval and signing the loan agreement", said Saglione.

The Minister added, “It is a financing that is very favorable to the provincial interests because on the one hand it allows to run a project that has a high cost of investment and, on the other hand, that funding is given in extremely favorable financial conditions in comparison with any other source, terms of amortization of 15 years and interest rate of 5% annually".

It integrates the system of aqueducts in the Provincial Strategic Plan. It includes the construction of 11 aqueducts that carry water in quantity and quality to the towns of the province from the Paraná River.

At the meeting were also Adel Abdulla Hosani, director of the Operations Department; and Saeed H. Al Dhaheri and Tarig H. M. Hamza, Advisory engineers of the Operations Department.

The first stage, which plant was inaugurated in December last year, is located by the provincial route 36, between the Rosario-Santa Fe Highway and national route 11. The works, which meant an investment of more than 500 million pesos, included the water intake, the water treatment plant and drinking water.

In this first stage, the aqueduct supplies drinking water to Desvio Arijón, Sauce Viejo and Santo Tome and, in a second instance, will reach Matilde, Sa Pereyra, Angelica, Susana, Sunchales, Rafaela and San Carlos, benefiting more than 300 thousand Santafesinos.

The amount of this loan represents approximately 50% of the cost of the project, while the remaining half will be given by the province.

The ADDF was established on July 15, 1971 by the Government of Abu Dhabi, as a public and autonomous institution in order to provide economic support in the form of concessional loans and technical assistance to support the economic and social development of developing countries.

In February 2016, the Agency signed its first loan to Argentina for us$ S 15 million, with the province of Neuquén.