Argentina announces over $1B in credit from World Bank, IDB | Inquirer Business

Argentina announces over $1B in credit from World Bank, IDB

/ 08:44 AM June 29, 2023

BUENOS AIRES  – The World Bank and the Inter-American Development Bank (IDB) will provide Argentina with funds totaling over $1 billion, the South American nation’s economy ministry said on Wednesday, adding these should go toward development and energy projects.

The move comes as cash-strapped Argentina battles to rework its debts and comply with financing programs with other international financial bodies, such as a $44-billion loan program with the International Monetary Fund (IMF).

Argentina’s economy ministry said the World Bank was giving $900 million in financing for development projects in clean energy, health care and climate resilient infrastructure.

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The country, along with Uruguay, was also awarded with a $400 million credit program from IDB to improve the supplies at the Salto Grande Hydroelectric Complex and extend the facility’s “useful” lifespan, the ministry added in another statement.

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The funds come as Argentina faces a major challenge to bring down a 100 percent-plus inflation rate, replenish scarce foreign currency reserves and alleviate social issues including four-in-ten people living in poverty.

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TAGS: Argentina, economy, IMF, Loans, World Bank

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