World Bank, IDB grant Argentina $8.8 billion in financing for economic development

Reuters

Oct 24, 2024 12:59 AM



(Reuters) -The World Bank and the Inter-American Development Bank (IDB) are providing Argentina with $8.8 billion in financing, the South American country's economy ministry announced on Wednesday, as the cash-strapped government ramps up support from key lenders.

The announcement follows meetings in Washington this week between senior officials, including Economy Minister Luis Caputo, and international lenders as Argentina's government works to reverse a prolonged economic slump.

The World Bank's financing over the next few months will cover $2 billion, which will be directed toward social spending including education as well as transportation and electricity costs, aimed at the poor, according to the statement.

Funding from the lender for private sector initiatives over the next couple years will finance $3 billion for projects including mining, renewable energy, health, as well as steel and aviation.

IDB funding, meanwhile, includes more than $2.4 billion for the government that should help finance additional social spending, including education and energy services, also focused on the poor, the statement noted.

Assistance from the IDB will also seek to boost the private sector over the next two years, adding another $1.4 billion.

(Reporting by Kylie Madry; Editing by Anthony Esposito)

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Related Articles

* References, analysis, and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgement of the analyst, without considering the investment objectives and financial situation of the investors.
Risk Warning: Our Website and Mobile App provides only general information on certain investment products. Finsights does not provide, and the provision of such information must not be construed as Finsights providing, financial advice or recommendation for any investment product.
Investment products are subject to significant investment risks, including the possible loss of the principal amount invested and may not be suitable for everyone. Past performance of investment products is not indicative of their future performance.
Finsights may allow third party advertisers or affiliates to place or deliver advertisements on our Website or Mobile App or any part thereof and may be compensated by them based on your interaction with the advertisements.
© Copyright: FINSIGHTS MEDIA PTE. LTD. All Rights Reserved.