Less than two years after its inception, the Paseo del Bajo project was inaugurated, financed by CAF—development bank of Latin America—, becoming one of the most important projects for Argentina’s capital city in the last 50 years.

The inauguration was attended by CAF executive president Luis Carranza Ugarte and representative in Argentina, Santiago Rojas. The event also featured Argentinian President Mauricio Macri, the head of the Government of Buenos Aires, Horacio Rodríguez Larreta, and the governor of the Province of Buenos Aires, Maria Eugenia Vidal.

Following the inauguration, CAF executive president held a meeting with Argentina’s Minister of Finance, Nicolás Dujovne, in which they reaffirmed the intention of both parties to continue to cooperate and honor their commitments, to continue to promote projects with positive impacts for Argentinians.

In this regard, the renovation of the Paseo del Bajo complex is a project that provides a structural solution to many problems arising from the very formation of Buenos Aires as a capital city. Therefore, CAF actively participated financing US$400 million for the construction. It also has a special relevance for the institution, as it represents the type of comprehensive interventions for development that we promote through the Cities with a Future program.

This project connects Puerto Madero and the Microcentro through a 7.1-kilometer road corridor, joining the Illia and Buenos Aires-La Plata highways, which will separate light and cargo transport, thus reducing logistic costs associated to inter- and extra-city commerce, gas emissions and noise generation.