MercoPress. South Atlantic News Agency

Argentina gets IDB and WB loans

These announcements are linked to Economy Minister Luis Toto Caputo's participation last month in Washington at the WB annual meeting, it was reported

Argentina's Libertarian Government has been granted loans from the World Bank (WB) and the Inter-American Development Bank (IDB) worth around US$ 4 billion, the Economy Ministry in Buenos Aires announced Wednesday. “The IDB and the World Bank approve financing for more than 4 billion dollars for projects in our country,” the ministry said in a statement.

 The IDB approved Wednesday a disbursement of over US$ 2 billion one day after the WB greenlighted two projects for an additional US$ 1 billion each.

These announcements are linked to Economy Minister Luis Toto Caputo's participation last month in Washington at the WB annual meeting, it was reported. Two other WB initiatives for US$ 1 billion each are to be decided upon next week, it was also explained.

Some of the initiatives to be funded with these agreements are to be handled by the Human Capital Ministry and concern the Government's “early childhood strategy”, according to Casa Rosada sources. Other projects involving the national literacy plan, as well as a financing and technical support program to make spending more efficient in addition to energy and public transport subsidies are contemplated together with the current administration's ongoing fiscal reform.