Sunday, June 23, 2024

ARGENTINA | 16-04-2023 09:19

World Bank lines up US$950 million of fresh support for Argentina

Economy Minister Sergio Massa continues to search for international financing; World Bank joins list of multilateral organisations lending their support to Argentina.

The World Bank has joined the list of multilateral organisations that are lending their support to Argentina in the wake of a punishing drought and the country's ongoing economic crisis. 

Economy Minister Sergio Massa emerged from a meeting in Washington on Saturday with the institution's new Managing Director of Operations Anna Bjerde boosted by news of fresh financing.

Massa wrote in a post on Twitter that he had held a "very positive meeting" with the World Bank official and her team, who "ratified their strong support of the institution for our country, especially after the strong impact of the drought, which translates into projects in preparation for May and June for US$950 million."

The meeting was also attended by Felipe Jaramillo, World bank vice-president for Latin America and the Caribbean; Executive Director for Argentina and the Southern Cone, Cecilia Nahón; and Marianne Fay, the World Bank representative in Buenos Aires.

This fresh line backing is in addition to additional support pledged by the Inter-American Development Bank (IDB), which last Friday approved a US$200-million loan – part of a wider package of US$600 million in credit destined for investment and health projects.

Massa has been doing the rounds seeking fresh dollars to sustain the Central Bank's reserves during the election year and in the face of the decline caused by the historic drought.

Last Thursday, Argentina announced a US$500-million investment from the Saudi Fund for Development, which will put money into food and energy projects, including the Néstor Kirchner gas pipeline that’s expected to be finished this year.



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