BUENOS AIRES – Government, bank, industry and union representatives signed an agreement on Monday to spur construction and build 100,000 new dwellings, creating about 100,000 jobs in Argentina.
The deal, aimed at helping one of the industries most affected by the economic downturn that started two years ago, was signed at the Casa Rosada presidential palace.
President Mauricio Macri praised the agreement, saying it was the product of a “mature dialogue” involving different parties and would help “reduce poverty by creating more jobs.”
Macri said his administration was committed to public works, but the private sector would have to play the leading role like “in all the countries in the world.”
Administration officials later provided more specific estimates of the agreement’s effects.
“This agreement to jump-start construction calls for a commitment by the private sector to build 100,000 housing units for Argentina’s middle class. This is going to require at least 100,000 jobs and investment of 150 billion pesos (about $9.7 billion),” Interior Minister Rogelio Frigerio said.
The parties agreed to make contributions in their specific areas, including cutting taxes, training workers and providing low-interest mortgages, among other commitments, the interior minister said.
“All the actors that have to do with this area are making a big effort so that people can acquire their own home and pay less than they’re paying for rent,” Frigerio said.