Dec 8, 2003

Investment in Argentina Booms

International and Argentine companies have announced nearly $9 billion in investments in the country, signaling that confidence is beginning to creep back, nearly two years after the government defaulted on its debts, devalued the currency and unilaterally rescinded contracts that forced dozens of banks and companies into insolvency. Spanish-owned Repsol-YPF , which has most of its reserves in Argentina, announced it would invest $5.5 billion through 2007.

Argentine-owned Techint announced it will build a $1 billion gas pipeline stretching 1,500 kilometers (930 miles) from Bolivia to central Argentina. The Argentine government will support the project with $250 million in loans. Crown Corporation and local partner Lambert Financial Investments said they will invest up to $1 billion in Argentina in home building, waste management and security companies. Crown is a Bermuda-based investment fund that specializes in undervalued companies. Telefónica of Spain and its wireless unit say they plan to invest $700 million to upgrade their fixed-line and cellular networks in Argentina....

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