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Artikel

25 Aug 2020

Autor:
China Dialogue

Argentina could unlock Chinese finance for vital investment in infrastructure and other sectors by joining BRI, blogger says

“Argentina ponders BRI endorsement amid tricky debt restructuring”, 19 August 2020

Argentina could become the biggest economy in Latin America to join the Belt and Road Initiative (BRI), an action that would allow Alberto Fernández’s heavily indebted government to deepen trade and investment ties with China…

Fernández intends to revitalise the relationship and reactivate the controversial Chinese-backed dams in Santa Cruz province, as well as nuclear power plants. However, the government needs first to restructure its external debt with private bondholders, mostly US-based, and renegotiate its US$44 billion debt with the International Monetary Fund (IMF)…

By joining the BRI, Argentina could unlock Chinese finance for vital investment in infrastructure and transport, fossil and renewable energy, mining, manufacturing, agriculture, innovation and information technology. This would enable the country to bridge infrastructure gaps and better integrate with countries such as Chile, which enjoys strong commercial corridors that connect it to foreign markets, thereby lowering logistics costs and enhancing competitiveness…

Emma Fontanet, a manager at the department of international trade promotion at the ICBC Foundation, connected to the Industrial and Commercial Bank of China, said Argentina joining BRI would be positive: “The signing of the initiative would be a signal that would allow us to further strengthen ties to develop trade, investment and technology exchange.”…

For some of the large investments in Argentina, China provides financing that is then repaid with the profits obtained, such as the energy generated from dams. The AIIB is important for financing BRI projects. In Argentina, projects are funded by the Industrial and Commercial Bank of China (ICBC), policy banks Exim Bank and the China Development Bank, and the Bank of China…

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