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StatementJuly 25, 2022

Readout from WB Managing Director of Operations Axel van Trotsenburg’s meeting with Silvina Batakis, Argentina’s Minister of Economy

Washington DC July 25 - Today, the World Bank Managing Director of Operations, Axel van Trotsenburg met with Silvina Batakis, Minister of Economy. Mr. van Trotsenburg and Minister Batakis discussed the global impacts of inflation and the war in Ukraine and Argentina’s role in helping to ease the world’s food crisis as a major agricultural producer.  They also discussed Argentina’s macroeconomic situation. They confirmed their commitment to working together to cushion the poor from the impact of inflation and other macro-economic challenges, improve basic services and infrastructure, and advance the climate change agenda as a way to promote sustainable growth in Argentina.  

Mr. van Trotsenburg together with Jordan Schwartz, Country Director for Argentina, Paraguay and Uruguay, announced the Board’s approval of a new project for $200m to provide financing to small and medium-sized enterprises working in the areas of innovation and technology development, approved by the World Bank’s Board last Thursday.

"Argentina values ​​its long-term partnership with the World Bank for its financial and technical support.  These innovative development projects benefit the most vulnerable and improve the efficiency of public services in the country," said Silvina Batakis, and added: "The recently approved project is an example of how the national government promotes public-private cooperation for technological innovation and job creation in Argentina."

“The World Bank is dedicated to a sustainable and equitable recovery in Argentina. The Bank has stepped up its support to the country throughout these challenging years, with record levels of financing - with U$2.1 billion in 2021, and $900 million in 2022 so far. This support has been key to expanding basic services for the poor, helping fund skills training and labor programs and providing much needed investments in sanitation, housing, health services, e-government and digital expansion, and urban transport systems to help reactivate the economy,” said Mr. van Trotsenburg.

“These common efforts show how the Bank and the Government are working together to support our path to full recovery with a social, innovative and productive program. The approval and disbursements of the 2022 portfolio are advancing strongly and there is a common vision for working in the same direction next year,” said Gustavo Béliz, Secretary of Strategic Affairs of Argentina, who joined the meeting virtually.

Mr. van Trotsenburg and Minister Batakis discussed the importance of maintaining both financial and technical assistance across critical social, environmental, economic and financial areas of Argentina’s development, and deepening World Bank-Argentina cooperation in such topics as climate change resilience and carbon transition, issues that have become central to Argentina’s growth trajectory. 

Yanina Budkin


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