The Overseas Private Investment Corporation (OPIC), the U.S. government’s development finance institution, has voted to approve US$400 million in financing to rehabilitate and expand the Corredor C Toll Road in Argentina, an essential trade route for the country´s economy.
Argentina relies heavily on its roads to transport livestock, goods, and services across the country, but it ranks 106 out of 137 countries in infrastructure quality and 96th in road quality. The project will rehabilitate and expand the existing 876-kilometer Corredor C Toll Road that connects the Provinces of Buenos Aires, Santa Fe, Córdoba and Mendoza with each other and with the Chilean border. It also includes the construction of two new bypasses. Further, the project is expected to improve traffic conditions – decreasing travel times and reducing accidents and fatalities – as well as decreasing vehicle operating costs by as much as 92%.
OPIC’s support of the project will contribute to increased economic development and commerce within Argentina, and with Chile. The commercial flow between the two countries is US$3.9 billion per year and approximately 80% of this trade is transported via Corredor C, which connects to the principal border crossing, Paso Internacional Libertadores. The toll road is the most direct land route used to reach the Chilean ports to serve international markets.
Project bids were awarded under a transparent, competitive process. OPIC requirements stipulated the project must adhere to the Government of Argentina’s Integrity Framework. The project supports the broader U.S. government initiative America Crece (Growth in the Americas) which seeks to catalyze investment in energy and infrastructure in Latin America and the Caribbean. The project also aligns with the Government of Argentina’s efforts to address its infrastructure deficit through public-private partnerships.
The Overseas Private Investment Corporation (OPIC) is a self-sustaining U.S. Government agency that helps American businesses invest in emerging markets.