OREANDA-NEWS. May 18, 2015. The Inter-American Development Bank (IDB) approved a credit of \\$200 million to finance a program aimed at improving living conditions for 31,000 families living in irregular settlements in Argentina, by legalizing land tenure, providing basic infrastructure and supporting community development.

This is the third operation carried out within the framework of a Credit Line Investment for \\$1.5 billion approved by the IDB in 2007 to finance the Neighborhood Upgrading Program. The program’s goal is to improve the quality of life and contribute to the urban and social inclusion of the poorest families in Argentina that live in irregular settlements. The overall goal of this line of credit is to benefit 250,000 families.

“By focusing on historically disadvantaged urban areas, our neighborhood improvement programs provide a broad range of benefits to the city. Neighborhoods that have basic services and community facilities can help to reverse urban exclusion and improve the quality of life of residents,” said Francisca Rojas, IDB project team leader.

The program will finance technical assistance and other services that will address the shortage of property titles in the targeted neighborhoods and improve land tenure security. It will also provide infrastructure, sanitation and social facilities in irregular settlements, and will contribute to community development by promoting the strengthening of grass-roots community organizations and guaranteeing residents participation.

As part of the program, comprehensive projects will be carried out that will include networks and linkages of basic urban infrastructure for potable water, sewage, storm drains, gas distribution, electrification with connections to homes, street lighting, paving of streets and sidewalks, and public spaces and green areas such as plazas and parks.

The program will also provide community facilities such as multipurpose rooms and nurseries, and will assist with the execution of environmental mitigation projects.

The IDB's \\$200 million credit is for 25 years, with a 5.5 year grace period, an interest rate based on LIBOR and a local counterpart contribution of \\$22 million.

About us

The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.