World Bank Group And IDB To Provide Argentina With Over $8.8 Billion In Funding

10/24/2024 3:18:55 AM

(MENAFN- The Rio Times) The World bank Group and the Inter-American Development Bank (IDB) have announced plans to fund Argentina with over $8.8 billion. This financial support will benefit both public and private sectors, according to a statement from Argentina's Ministry of Economy.

This announcement coincides with Economy Minister Luis Caputo's visit to Washington, D.C., where he is attending the annual meetings of the International Monetary Fund (IMF) and the World Bank.

Minister Caputo and Finance Secretary Pablo Quirno met with Anna Bjerde, the World Bank's Managing Director of Operations. They discussed a $2 billion package for Argentina , aimed at social protection, education, and making transportation and electricity more affordable.

Additionally, Argentine officials met with Makhtar Diop, Managing Director of the International Finance Corporation (IFC), a World Bank agency. They agreed on $3 billion in funding for potential investments over the next two years.

These funds will target key areas such as sustainable mining, renewable energy, health, decarbonizing challenging sectors like steel and aviation, and trade financing.

Caputo and Quirno also held talks with IDB President Ilan Goldfain. He confirmed over $2.4 billion in public sector funding and about $1.4 billion through IDB Invest for the private sector.

These funds aim to strengthen social protection, enhance primary education, improve fiscal management, and expand access to essential energy services, focusing on the most vulnerable households.

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