The work is part of a program funded by a US$200mn loan from the development bank to improve the road network near the Cristo Redentor border pass that connects Mendoza province with Chile's Valparaíso region.
The president delivered the state of the union report, the last of his term.
The move comes after the transport minister said the line would not receive subsidies and would have to compensate Transantiago bus operators.
A tender for the contract to carry out feasibility studies for the project is expected to be launched shortly.
The work involves upgrading a 98km section of the Pan-American highway.
A large fire ravaged the historic building on Sunday.
Increasing electoral uncertainty in Brazil prohibits the auction taking place this year.
The Spanish firm argues that it was disqualified from a tender for a US$800mn PPP rail project over a requirement that was not in the bidding documents.
VLI, whose main shareholder is metal and mining company Vale, reportedly seeks to buy a grain terminal.
BNamericas provides a roundup of the most important Infrastructure news in Latin America.