- A total of US$3.3 billion over three years will help Argentina weather the international economic crisis
- An additional US$840 million will support the cleanup of the Matanza-Riachuelo river basin
June 11, 2009.- To help weather the global economic crisis and protect the most vulnerable from its impacts, the World Bank has committed more than US$3 billion to Argentina over the next three years in a new Country Partnership Strategy (CPS). The new alliance, approved by the Bank board on June 9 will provide US$3.3 billion in development assistance from 2010 to 2012. Additionally, the Bank will provide US$840 million towards the cleanup of the Matanza-Riachuelo river basin, the most polluted urban river system in Argentina, and provide US$450 million to shore up funding for the country’s social safety net system in the midst of the global financial crisis, with additional projects in these areas to follow. “The new [strategy] will help Argentina weather the international crisis, and also make progress in some key, medium-term development issues, in particular reducing poverty and also helping in the infrastructure area,” said Pedro Alba, the World Bank representative in Argentina. Alba added that at least 30 percent of the funds will be devoted to social protection given the impact of the financial crisis in the region. Infrastructure growth and governance will be the other focus of the CPS, with the Bank devoting funds to medium-term issues such as logistics and the environment. Governance projects will focus on public expenditure management in the provincial governments. Largest Sanitation Project in Latin America  Matanza-Riachuelo Basin Project Alba said the Matanza-Riachuelo Basin Sustainable Development Project is the largest sanitation project the Bank has financed to date in Latin America, and will clean up a polluted river basin within the city of Buenos Aires. Given the size of and the amount of pollution in the Matanza-Riachuelo basin, the project could run for nearly 20 years. “The basin is so dirty that it is affecting the health of 3.2 million people, of whom 1.2 million are poor, so it has a very important social impact as well,” Alba said. Project leader Franz Drees-Gross said the Bank is supporting the project in four areas: building core infrastructure to remove sanitary discharge, reducing industrial discharges that now go directly into the river, creating an integrated management structure for the basin, and strengthening the agency that overlooks the basin. “This program addresses social issues by reinstituting equity and social justice, while focusing on economic development, keeping jobs secure and cleaning the environment as mandated by the Constitution,” said Homero Bibiloni, Argentina’s secretary for the environment and sustainable development. “Argentina’s Future is Very Bright” Alba said that the Bank’s assistance will help Argentina continue to move forward towards a promising future. “Argentina’s future is very bright,” Alba said, noting that its highly-educated population and rich agricultural and mineral resources provide an excellent source of income for future growth. “The future of Argentina is in the Argentines’ hands, and I think it is very bright,” he added. | 
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