Economy Minister Sergio Massa announced investments of US$924 million from Chinese companies, which he considered “disbursements that will alleviate our reserves in the short term.”

Massa is currently in Shangai, as part of a week-long trip to China, where he and other government officials are holding meetings with Chinese authorities and business leaders to address financial goals amid economic turmoil.

The investments come from two firms: the Ghezouba Group, a Chinese construction and engineering company based in Wuhan. Those funds are destined for two projects — US$ 524 million to continue works in the Jorge Cepernic dam in Santa Cruz and US$ 70 million to build water treatment plants for Agua y Saneamientos Argentinos (Aysa) in Buenos Aires province.

The second firm, State Grid, is a Chinese state-owned electric utility corporation and will finance the “AMBA 1” project to distribute electricity in the Buenos Aires metropolitan area for US$330 million. The project will add high-voltage lines and create a safety ring to prevent blackouts in the homes of approximately eight million inhabitants.

“Today is a good day because we are making progress not only in the disbursements that in the short term will relieve our reserves but also in the long term will provide electricity to eight million people, water and sewage infrastructure to 1.6 million people, solve the issue of electricity generation, energy generation by renewable means and,” said Massa in a press brief.

Massa also met with the directors of PowerChina International and discussed the possibility of that company participating in the bidding announced for August for building the second section of the Néstor Kirchner Gas Pipeline.

Massa, along with National Deputy Máximo Kirchner, Energy Secretary Flavia Royón, and over a dozen officials from Casa Rosada, Congress, the Central Bank as well as the foreign affairs, energy, and finance sectors — are spending the week in Beijing and Shanghai meeting with Chinese businesspeople, banking leaders, and high-profile politicians. 

A spokesperson for the Economy Ministry told the Herald that the official trip will focus on settling cooperation agreements around energy, exports, and potential investments and infrastructure works on Argentine soil. It will also look into strengthening Argentine monetary reserves with BRICS banks. 

—with information from Télam