Dec 7, 2011. News Releases. The Inter-American Development Bank (IDB) approved a loan for $400 million to improve living conditions for some 280,000 residents in 70 poor urban settlements in Argentina.
This is a second operation under a conditional credit line for the PROMEBA neighborhood improvement program approved in January 2007 to improve the quality of life and contribute to urban and social inclusion for low-income Argentine families. The overall goal of the line of credit is to benefit some 250,000 families across the country.
This program will be executed by the Ministry of Federal Planning, Public Investment and Services through the Ministry of Public Works, and it will finance activities to improve sanitary infrastructure and equipment, and to strengthen social and human capital.
Investments will include basic services as water and sewage networks, electricity, infrastructure, storm drains, gas distribution, access roads, pedestrian networks, community street furniture, green spaces, and environmental mitigation works.
Additional activities will reduce and prevent risks for vulnerable groups, such as women heads of household, children, and young people, through prevention of family violence, recreational activities, training for youth and women, employability improvement, among others.
"The living environment is a fundamental dimension of human development. People who live in poor conditions are unable to meet their needs, develop their skills, and exercise their rights," said Eduardo Figueroa, IDB team leader for the project. "Our neighborhood improvement programs thus represent a major tool for social inclusion and equity in access to services."
The loan was extended for a 25- year term, with a five-year grace period and an interest rate based on LIBOR. Counterpart funding totals $45 million.