MercoPress. South Atlantic News Agency

IADB credits to Argentina this year will total 1.3 billion USD

Moreno reiterated his support for Mexico’s Carstens as next IMF chief

The Inter-American Development Bank, IADB, will lend Argentina 1.3 billion US dollars this year, the bulk of which will be used for infrastructure projects, such as expanded roadways and sewage systems as well as a plan to improve neighbourhood conditions, announced president Luis Alberto Moreno.

In 2012, loans totalling 380 million USD are already lined up for a wind-fuelled power plant and river clean-up.

Moreno also told reporters “it would be important for emerging nations to have a consensus candidate” to run the International Monetary Fund, which would increase the chances that someone other than a European could take the helm.

He reiterated his support for Mexico's central bank chief, Agustin Carstens, saying he has all the credentials needed to run the Fund. Moreno told Reuters on Thursday that Latin America deserved to provide the IMF with its next managing director.

Moreno, a former government minister and Colombian ambassador to the United States, was unanimously re-elected for another five-year term as president of the IADB in July 2010.

During his first term, Moreno oversaw a debt relief program, promoted more private sector lending and restructured the bank to respond to climate change and other environmental problems.

The IADB gives development assistance to 26 countries in Latin America and the Caribbean.

According to the bank's website, the IADB has approved five projects in Argentina so far this year with a focus on electrical power in the provinces, tourism, foreign trade and improved job opportunities for people with disabilities