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ARGENTINA | 06-05-2020 17:58

Argentina secures US$4-billion loan from Development Bank of Latin America

The government has confirmed that it has secured a US$4-million loan from the Development Bank of Latin America (CAF) to assist its efforts to tackle the coronavirus pandemic.

The government has confirmed that it has secured a US$4-million loan from the Development Bank of Latin America (CAF) to assist its efforts to tackle the coronavirus pandemic.

The bank, founded in 1970 and made up of 19 member countries across Latin America, the Caribbean, and Europe, as well as 13 private banks, will disburse the funds over four years, according to a statement.

The news was announced after a videoconference call between President Alberto Fernández and CAF President Luis Carranza Ugarte.

Under the agreement, CAF will help fast-track infrastructure projects in the coming months as part of a US$900-million investment in 2020, the statement read. This would include the modernisation of existing infrastructure, work to foster competitiveness, strengthen institutions and improve urban mobility.

Talks on that move have been underway since November, and some funds will also be allocated to assist attempts to overcome the economic crisis sparked by the coronavirus pandemic. Argentina's government said around US$340 million would be designated for efforts to tackle the current health crisis.

CAF added that US$40 million would be used to help strengthen the government’s emergency response system in Argentina's provinces and that US$300 million would be used for social assistance for the most vulnerable parts of the population.

To date, Argentina has recorded more than 5,000 infections of the novel Covid-19 coronavirus, with more than 250 deaths.

– TIMES

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