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Argentina to Improve Road Safety with IDB Support

12/03/2021 | 06:22pm EDT

The Inter-American Development Bank (IDB) approved a $200 million loan for the Road Safety Program in the Metropolitan Area of Buenos Aires Province with the principal aim of improving safety conditions in the Buenos Aires Province's road networks.

The project, implemented by the Road Management Office of Buenos Aires Province (DVBA, after its Spanish initials), also seeks to improve road infrastructure quality and strengthen the management capacity of the public agencies in charge of road safety.

In addition, the program will finance actions aimed at strengthening the technical capacities of public actors in order to foster better road safety policies and implement efficient strategies to reduce traffic accidents.

The direct beneficiaries of the program will be the nearly 6.5 million residents of the Buenos Aires Metropolitan Area. The intended transportation infrastructure improvements will have a strategic impact on the whole country, since 38% of Argentina's exports are shipped from ports in the Buenos Aires Province or the Autonomous City of Buenos Aires, whereas 94% of the domestic freight transport uses the road system.

Traffic accidents generate significant economic losses, additional costs for the health sector, and productivity losses due to deaths and serious injuries that prevent people from working. A study on road accidents conducted in 2020 found that collisions were the most prevalent type of accident in Argentina's capital, mainly due to low road safety standards, distracted driving, risky maneuvers and excess speed.

The program reflects the Bank's Vision 2025 "Reinvesting in the Americas: A Decade of Opportunities," the IDB Group's roadmap to achieve economic recovery and inclusive growth in Latin America and the Caribbean in four of its main pillars - digital economy, regional integration, gender and inclusion, and climate change.

The loan will be disbursed over a five-year period and is for a 25-year term, with a 5.5-year grace period and interest rate based on LIBOR. It will be accompanied by an additional $50 million in local counterpart funds.

About the IDB

The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.

Disclaimer

IDB - Inter-American Development Bank published this content on 02 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 December 2021 23:21:05 UTC.


© Publicnow 2021
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