Argentina Government Backs Neuquén Province Bond Issue

Argentina’s government has agreed to authorize a $250 million bond issue planned by the western province of Neuquén, according to the province’s governor, Jorge Sobisch. The securities will be regulated by provincial law and backed by Neuquén’s oil reserves. The bonds will fund much-needed infrastructure projects in the province, such as the Mari Menuco Canal to provide irrigation for up to 30,000 hectares of land, the Tren Transandino del Sur to the border with Chile, a ring-road and several hospitals.