World Economy

Argentina Gets 32 Road Project Bids

Argentina Gets 32 Road Project BidsArgentina Gets 32 Road Project Bids

Argentina says it received 32 bids for six road projects requiring around $8 billion in investment, in a big test of how public-private partnerships can help cash-starved Latin American governments beef up infrastructure, Reuters reported. The bids came from 10 consortia representing seven foreign and 19 Argentine companies, including a unit of engineering firm Techint Group together with Spain’s Acciona Concesiones. A unit of Portugal’s Mota Engil also bid together with two Argentine construction firms. Builders from the United States, Colombia and Italy also presented offers. Since taking office in December 2015, President Mauricio Macri has focused on upgrading the South American country’s infrastructure after decades of under-investment. But growing public works spending has complicated another priority: cutting the budget deficit to 3.2% of gross domestic product this year. Argentina’s economy expanded 5.1% in February when compared with the same month last year, marking the twelfth straight month of inter-annual growth, government statistics agency Indec said on Tuesday. The economy contracted 0.2% in February compared with January, Indec said.


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