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Montevideo, September 27th 2023 - 09:49 UTC



Minister Massa announces agreements for about US$ 1 billion

Wednesday, May 31st 2023 - 11:00 UTC
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Massa will conclude his Chinese tour on Friday Massa will conclude his Chinese tour on Friday

Argentina's Minister of Economy, Sergio Massa, announced from Shanghai that he has obtained financing for approximately US$ 1 billion for investments and disbursements that will strengthen the Central Bank's reserves.

Massa said on Twitter that the agreement was closed with the Chinese group Gezhouba for the development of dams in the province of Santa Cruz. “It is important to agree on issues that serve us for the present, but above all to agree on investments that serve for development,” he wrote.

Deputy Máximo Kirchner, who is a member of the Argentine delegation, stated that “the completion of this important infrastructure work will allow the development of the electromechanical industry and local construction, generating thousands of new jobs and new areas of specialization”.

In addition to the Gezhouba Group, Massa held successive meetings with leading Chinese companies such as Power China and State Grid.
The Gezhouba Group is building the hydroelectric dams in Patagonia and committed to disburse US$524 million in the coming weeks. These funds will be transferred to the Central Bank and recorded as reserves.

In addition, Gezhouba Group will finance the development of two wastewater treatment and purification plants [of Argentine water company] AySA, for which US$70 million will be disbursed shortly.

“Together with State Grid's president Shan Shewu and its vice president Liu Ming, we worked on the financing of the expansion of the Electric Power Transmission System, which will develop high-voltage lines in the AMBA and benefit 1.8 million people,” Massa also tweeted.

In addition to the US$ 594 million from the Gezhouba Group, State Grid committed another US$ 330 million for the development of high voltage lines that will benefit almost eight million inhabitants of the Buenos Aires suburbs and the Autonomous City of Buenos Aires.

These commitments represent US$ 924 million of reserves.

For his second day in China, Massa plans to hold meetings on lithium production with Tibet Summit Resources to discuss the Arizaro and Diablillos salt flats projects, as well as the construction of a lithium extraction plant and the production of photovoltaic energy.

Massa will also participate in the inauguration of the first Argentine Chamber of Commerce in China, the result of an initiative promoted by 20 companies from the South American country.

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