MONTEVIDEO, Uruguay - Inter-American Development Bank  President Luis Alberto Moreno and Plaza Logistica CEO Eduardo Bastitta Harriet yesterday signed the contract for a senior secured loan for up to $20 million for a project to build to state-of-the-art logistics parks in Argentina.

The project consists of the construction and operation of two logistics parks in the municipalities of Escobar and Pilar, in the metropolitan area of Buenos Aires. The parks will become collection centers for the distribution of goods providing a total of 85,000 m2 of warehouse space.

The operation, the IDB’s first private sector financing to the logistics sector in the region, will foster the development of local infrastructure associated with the transportation sector. The development of the logistics sector will have spillover effects benefitting competitiveness and promote regional integration with other Mercosur countries by providing a more efficient supply chain.