Argentina's River Plate basin development fund Fonplata will provide a US$25mn loan for the Santa Fe government to modernize the province's port.
The loan approval means the Santa Fe government can go ahead with a tender to concession the port. Authorities are expected to officially accept the loan over the next few days, according to a provincial government release.
Santa Fe will provide US$15mn in counterpart funding for the project, and the national government is providing 57.8mn pesos (US$14.4mn) to build access roads to the port.
In October last year, 27 firms, including Mediterranean Shipping Company (MSC), Brazil's Camargo Corręa and Chile's Tecsa were reported to be interested in participating in the port project.
The eventual concessionaire will carry out relocation, modernization and expansion works and operate the port, which will require an investment of some US$150mn.