WASHINGTON, June 7, 2018 – The World Bank Group expresses its strong support to Argentina with a new financing package. It will increase its support to the public sector with US$1.75 billion in new commitments over the next twelve months. This financing aims to support development policies which contribute to the sustainable and inclusive growth of the country while protecting the most vulnerable populations. The package will be subject to approval by the World Bank’s Board.
“These rapid disbursement loans demonstrate the confidence of the international organizations and the markets in the direction that the Government is pursuing. And they also clearly reinforce the financing available to the country along with the IMF agreement”, explained Luis Caputo, Minister of Finance of Argentina.
In addition, the International Finance Corporation (IFC), a sister organization of the World Bank and focused exclusively on the private sector, will aim to provide an additional US$1 billion for private sector investment.
“We are committed to supporting Argentina as it improves its economic prospects and protects the most vulnerable populations”, said Jim Yong Kim, President of the World Bank Group. “Argentina has made important progress but challenges remain. We are ready to support and boost Argentina’s efforts to reduce poverty and stimulate inclusive growth”.
As a long-term partner, the World Bank Group currently has a portfolio of about US$11 billion in Argentina, in the public and private sector in key areas such as health, agriculture, social protection, infrastructure, energy, urban development and flood protection.
About the World Bank Group
The World Bank Group plays a key role in the global effort to end extreme poverty and boost shared prosperity. It consists of the World Bank, an institution that includes the International Bank for Reconstruction and Development (IBRD), which lends to governments of middle-income and creditworthy low-income countries, and the International Development Association (IDA), which provides interest-free loans — called credits — and grants to governments of the poorest countries. The World Bank Group also consists of the International Finance Corporation (IFC), the largest global development finance institution focused exclusively on the private sector; the Multilateral Investment Guarantee Agency (MIGA), which offers guarantees to investors and lenders; and the International Centre for Settlement of Investment Disputes (ICSID), which provides international facilities for conciliation and arbitration of investment disputes. Working together in more than 100 countries, these institutions provide financing, advice, and other solutions that enable countries to address the most urgent challenges of development.
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