Argentina and China have agreed on the construction of the fourth and fifth nuclear power plants in Argentina, with a total investment of $14bn.

China will be responsible for providing 85 per cent of the investment.

Argentine authorities said that the contracts signed with China constitute a “historic milestone” because they include a lower interest rate obtained by the country for this type of venture.

One of the nuclear plants will provide Argentina savings of $1.5bn in the purchase of fossil fuels per year, according to official sources.