TDA Signs Grant in Argentina For Highway Projects

For Immediate Release

Buenos Aires — The U.S. Trade and Development Agency Director J. Joseph Grandmaison will sign a $695,000 grant during Secretary of Commerce William M. Daleyís business development mission to Argentina. The grant, administered through the Evergreen Fund at the Inter-American Development Bank (IDB), will fund a feasibility study on the Argentina Andean Highway Passes Project. The Argentine Government, through the National Directorate of Roads (DNV), will provide $114,700 to fund a complementary study.

"This grant represents President Clinton and Vice President Goreís continued commitment to helping to improve South Americaís infrastructure so that economic growth can continue," said TDA Director J. Joseph Grandmaison. "This funding will help to improve the lives of Argentines as well as the people throughout the MERCOSUR region, as it will allow for safer transportation across the Andes Mountains."

With trade increasing between Chile and the members of MERCOSUR (Argentina, Brazil, Paraguay, and Uruguay), the construction of reliable all-weather roads across the Andes Mountains will enhance existing trade in the region by reducing transportation costs. Potential U.S. exports of $53 million could include engineering and construction management services, equipment for the construction of tunnels and bridges, intelligent transportation and communications systems, and road emergency and maintenance equipment.

TDA established a trust fund ("Evergreen Fund") at the IDB in June 1995 to encourage IDB task managers to contract with U.S. consultants during the project preparation stage. This is the first Argentine project to be funded through the IDB Evergreen Fund.

The U.S. Trade and Development Agency, based in Rosslyn, Va., is an independent federal agency that assists in the creation of jobs for Americans by helping U.S. companies pursue overseas business opportunities. TDA provides American firms with market entry, exposure and information through the funding of feasibility studies, technical assistance, and reverse trade missions. These efforts help American businesses establish a position in markets that are otherwise difficult to penetrate.

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