China Eximbank pledges a $190 million USD to Agua y Saneamientos Argentinos SA for the Río Subterráneo Sur Project
Pledged amount
$ 207071452.09694856
Adjusted pledged amount
$ 207071452.09694856
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Argentina
Sector
Water supply and sanitation (Code: 140)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Description
As of June 30, 2018, Electroengineering and China Gezhouba Group Corporation (CGGC) and the Export-Import Bank of China had agreed to aid in the construction of the second part of the Río Subterráneo Sur project and a lifting station in Buenos Aires province. China Exim Bank has agreed to loan USD 190 million to Agua y Saneamientos Argentinos SA (AYSA). The loan has a 15 year maturity. The loan will be guaranteed by the China Export and Credit Insurance Corporation (Sinosure) with a final rate (including the guarantee) in the same area as the bond of 500 million dollars with a rate of 6.625% and maturity in 2023 issued by Agua y Saneamientos Argentinos SA (AYSA) on January 26, 2018 in the United Kingdom. China Gezhouba Group Corporation (CGGC) signed a construction agreement contract for the project in September 2017. The consortium was expected to sign the $190 million financing agreement with the EIBC and AySA (as guarantor) in Buenos Aires later in November 2018 during Chinese President Xi Jinping's visit to Argentina for the G20 Summit. The Río Subterráneo Sur project includes the construction of 9.70 kilometers of aqueduct with a shield tuner with voussoirs measuring 3,900 millimeters in internal diameter to connect the first lifting station with the second and transport potable water to the Esteban Echeverría district. In turn, the UTE will have to build a lifting station in that town to propel a maximum of 17,000 cubic meters of water from the General Belgrano plant, which will benefit at least 2.50 million people. The Río Subterráneo Sur will end at a site located in the Monte Grande area, where another lifting station will be installed with drives that will allow the transportation of surface water to the districts of Esteban Echeverría, Ezeiza and La Matanza.
Additional details
1. The project is known in Spanish as el proyecto Río Subterráneo Sur.
Number of official sources
4
Number of total sources
10
Details
Cofinanced
No
Direct receiving agencies [Type]
Agua y Saneamientos Argentinos SA (AySA) [State-owned Company]
Implementing agencies [Type]
Gezhouba Group [State-owned Company]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]
Loan Details
Maturity
15 years