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Foreign Ministry and OPEC agree on investments for private sector

Friday, 19 March 2021
Information for the Press N°: 

Today, Foreign Minister Felipe Solá concluded the exchange of notes between the Argentine Republic and the OPEC Fund for International Development (OFID) for the Joint Declaration on Financing for the Private Sector to become effective, which will allow Argentina access to international loans for that sector.

OFID is a finance institution that provides financing to developing countries. It was established in 1976 by the member countries of the Organization of the Petroleum Exporting Countries (OPEC) in order to enhance financial cooperation between OPEC member countries and other developing nations by providing financial support to projects and programmes on socioeconomic development. OFID is present in 29 Latin American countries and more than 130 developing countries worldwide.

This goal is reflected in the Joint Declaration signed by the Foreign Ministry and OFID, which provides that the OPEC Fund, as an international financial institution for development, will invest in Argentina solely for the purpose of fostering development.

Although Argentina had already received loans from OFID to finance infrastructure at a governmental level, the signing of the agreement by the Foreign Minister opens up the possibility of obtaining external financing in very favourable conditions for the private sector. The Focal Point for the projects to be carried out is the Secretariat for International Economic Relations headed by Jorge Neme.