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Main development banks in Latin America join together to finance integration

Main development banks in Latin America join together to finance integration

The main banks promoting the development of Latin America announced this Thursday within the framework of the summit of the Mercosur an agreement to jointly finance the works necessary to guarantee the physical integration of the countries of South America.

A total of US$10 billion was made available by financial entities to promote the initiative.

The initiative brings together the Inter-American Development Bank (IDB), the CAF-Development Bank of Latin America, the Financial Fund for the Development of the La Plata Basin (Fonplata) and the National Bank for Economic and Social Development (BNDES) of Brazil .

Of the total resources offered, the IDB made available US$3.4 billion, CAF and the BNDES US$3.0 billion each, and Fonplata US$600 million.

These resources will finance a series of physical connection works between the countries of the region, mainly roads, railways, airports and ports, identified by Brazil as strategic for integration.

But it will also be able to promote integration projects in the social, environmental and institutional spheres.

The presidents of the IDB, Ilan Goldfajn; CAF, Sergio Díaz-Granados; Fonplata, Luciana Botafogo, and the BNDES, Aloizio Mercadante.

The agreement was prepared based on a study carried out by the Brazilian Ministry of Planning which, after consulting the regional governments of the eleven Brazilian border states, identified 124 projects and five strategic integration routes in South America.

As explained by the Brazilian Minister of Planning, Simone Tebet, in the presentation of the initiative, the first of the routes, baptized as Guyana Island, provides for the physical integration of the Brazilian Amazonian states of Amapá, Roraima, Amazonas and Pará with Guyana. , Suriname, Venezuela and French Guiana.

The so-called Manta-Manaus Multimodal Route provides for a river connection through the Amazon between the northern states of Brazil with Colombia, Peru and Ecuador, and the Rondon Quadrant Route connects by land the Brazilian states of Acre, Rondonia and Mato Grosso with Bolivia and Peru .

On the southern borders, the Capricorn Route connects through multiple routes, river and road, the states of Mato Grosso do Sul, Paraná and Santa Catarina with Paraguay, Argentina and Chile, and the Porto Alegre-Coquimbo Route integrates southern Brazil with Argentina, Uruguay and Chile.

Source: Gestion

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