The World Bank and the Inter-American Development Bank will provide Argentina with funds totaling more than 1 billion dollars, Argentina’s Ministry of economy said.
The move comes as cash-strapped Argentina struggles to reformulate its debt and comply with financing programs with other international financial bodies, such as a $44 billion loan program with the IMF.
The Argentine Ministry of Economy said that the World Bank is providing 900 million dollars to finance development projects in the fields of clean energy, healthcare and infrastructure capable of adapting to climate change.
In another statement, the ministry added that Argentina, along with Uruguay, was also granted a $400 million credit program from the Inter-American Development Bank to improve supplies at the Salto Grande hydroelectric complex.
The funds comes as Argentina is facing a major challenge to reduce the inflation rate by 100%, replenish scarce foreign currency reserves and alleviate social issues including four out of ten people living in poverty.
