Mendoza strengthens ties with the Inter-American Development Bank

The governor Alfredo Cornejo and the Minister of Finance, Miguel Lisandro Nieri.

The government of Mendoza and the Inter-American Development Bank mutually agree to strengthen ties. In his fourth visit to the United States, governor Alfredo Cornejo and the Minister of Finance, Miguel Lisandro Nieri, will meet with authorities of this institution which is presided over by Luis Alberto Moreno from Colombia. They will meet tomorrow in Washington D.C.

Meanwhile,  the vice governor Laura Montero and the Minister of Economy Martín Kerchner  met with the representatives of IDB for Argentina, Sergio Ríos and Elba Luna yesterday in Mendoza.

All of this happens seven months after the IDB summit in Mendoza and one month before (September 10th to 14th) a new preparatory mission of a global meeting comes to the province.

The provincial government clearly shows that it is now seeking support from the multilateral agencies (the Inter-American Development Bank and the World Bank) as the main source of credit supply. After two mega-emissions, the government is ruling out the placement of a new international bond –– at least “until the end of the year”.

This year, the payments to the IDB (414 million pesos) leave some room for   indebtedness as they are lower than the commitments of the Province to the bondholders (3.4 billion) and to the Banco Nación (2 billion).

Yesterday, Cornejo had a meeting with three investment funds in New York. Among them, Greylock, current controller of the companies Alco and Canale in Valle de Uco and San Rafel was present. He also met with GoldenTree Asset Management, the fund manager and investor in shares of companies, Morgan Stanley, the financial and brokerage firm, and  the asset manager of Investment Management.

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