A new US $100mn loan agreement has been signed by the Saudi Fund for Development (SFD) in support of a potable water development programme in the Córdoba province of Argentina. With this new funding, Argentina has become the 93rd beneficiary of SFD, thus signifying its commitment to sustainable development in Latin America.
According to a report, the funds will help develop the Interprovincial Aqueduct Santa Fe – Córdoba Project (Phase 1, Block B-C) in Argentina. The agreement will also boost Argentina’s economy by supporting potable water development in Santa Fe and Córdoba, creating jobs, and advancing socio-economic development.
The project will also enable the realisation of the UN SDGs, specifically SDG 3, Good Health and Wellbeing, and SDG 6, Clean Water and Sanitation, the report stated.
The agreement was signed by SFD Chief Executive Officer Sultan Al Marshad along with the Province Governor of Córdoba Juan Schiaretti and the Province Governor of Santa Fe Omar Perotti, at the SFD headquarters in Riyadh, Saudi Arabia.
Schiaretti explained, “It is a great honour to sign this $100mn aqueduct agreement, benefiting Santa Fe and Córdoba, and forging the first economic development corporation between the SFD and Argentina.”
Under Phase 1 of the project, the development activities will take place from Coronda to San Francisco, providing more than 410,000 people with access to safe water and fostering development in Santa Fe and Córdoba.
Perotti pointed out that the SFD collaboration will change lives for the better, thus marking a historic step towards long-lasting development.
Al Marshad added, “Safe water, sanitation, and hygiene are essential for health and well-being. We are proud to support projects that improve access to potable water in developing countries and positively impact the lives of many.”