Paraná is the capital city of the Argentine province Entre Ríos, located on the eastern shore of the Paraná River, opposite the city of Santa Fe, …Paraná is the capital city of the Argentine province Entre Ríos, located on the eastern shore of the Paraná River, opposite the city of Santa Fe, capital of the neighbouring Santa Fe Province. During the 16th century, inhabitants of the city of Santa Fe settled at the other shore of the Paraná river. The first settlers called it “Baxada del Paraná”.