Saudi Arabia and Argentina signed a $100 million agreement on Oct. 29 to build a water supply canal in Argentina. According to a statement by the Saudi Fund for Development , this is the fund’s first investment in Ibero-America. The joint water canal project is expected to drive progress in Argentina’s water sector. It is also significant since both countries have been nominated to join the BRICS in January 2024. The canal will be built between Santa Fe and Córdoba, and support the growing demand for potable water in those Argentine provinces.
Sultan bin Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development, expressed delight in his company’s involvement in the project, which will have a positive impact on countless lives by providing access to safe drinking water, a chief benefit of which will include preventing diseases caused by dirty water.
The Governor of Córdoba Juan Schiaretti was quoted as stating, “It is a great honor to have signed this loan agreement for $100 million to build an aqueduct that will benefit hundreds of thousands of people in the provinces of Santa Fe and Córdoba. It is also a privilege to be part of the first economic development corporation between the SFD and the Republic of Argentina. This signing marks the beginning of a strong economic partnership between the SFD and Argentina, and we are grateful for the support that will help our development.”
