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Add to Preferred SourcesIFC became a strategic partner of Argentina by providing a $50 million loan to finance critical infrastructure such as the Metrobus and bicycle routes. IFC is also offering technical advice on issues such as low-emission transport and energy-efficiency programs, and promotion of sustainable construction including in the most disadvantaged areas.
These initiatives share the same objective: improving citizens’ quality of life and the overall livability of their city.
“Latin American cities will only develop if they put citizens at the front and center of their growth strategy,” says Fernando Straface, general secretary of the city of Buenos Aires. “We value IFC’s long-term strategic partnership in these initiatives that aim to create a more inclusive and safer city for all citizens.”
IFC financing and advisory services throughout Latin America and the Caribbean are supporting a wide range of efforts to meet urban citizens’ needs. Our strategy often includes the promotion of public-private partnerships, which can be a tool for governments to leverage expertise and efficiency of the private sector.
IFC is now partnering with six subnational governments throughout the region to offer more efficient services to citizens, improve transportation infrastructure, and generate investments of more than $1.5 billion by 2020. More than half of this figure would be resources from other investors mobilized by IFC.
IFC also offers Latin American and Caribbean governments guidance as they develop urban areas that will serve expanding populations. In Honduras, IFC and the municipality of Tegucigalpa are engaging in a long-term alliance to overcome technical and financial constraints that are obstacles to delivering infrastructure to residents. Efforts are focused on enhancing the city’s creditworthiness and financial management capacity. This is expected to ultimately attract private investment to develop key urban infrastructure projects.
We are also helping cities in the region address challenges posed by climate change. In the Colombian city of Barranquilla, IFC is supporting the construction of six underground stormwater drainages through 2019. They will minimize street flooding that currently paralyzes the city for more than 20 days a year, jeopardizing the safety of residents and causing substantial economic losses for the city.
Promotion of sustainable construction, even in the most disadvantaged urban areas, has been another target for IFC. For example, Buenos Aires’ Barrio 31, one of the poorest neighborhoods in Argentina’s capital, lacked formal access to electricity and water services until recently. In an effort to revitalize the neighborhood, city leaders built a modern three-story public office building on the ruins of a drug distribution center. At no additional cost, the building met the requirements for IFC’s EDGE certification—an international standard for green construction—which allows Buenos Aires and its taxpayers to save money on energy and water while protecting the environment. The World Bank, which often partners with IFC in cities initiatives, has also provided financing for this project.
Original source: IFC
Published on 22 October 2018