Sergio Massa announces a $1.3 billion loan for Argentina
The Minister of Economy announced that these loans will be very beneficial for the current situation in Argentina
In a prominent day in Washington, the Argentine Minister of Economy and candidate for the presidency, Sergio Massa, revealed that he had obtained loans for a total of 1.3 billion dollars from the World Bank and the IDB, for the benefit of Argentina.
From early hours, Massa held a meeting with Anna Bjerde, Managing Director of Operations of the World Bank, where two financing programs were achieved. One of them, with an allocation of 450 million dollars, focuses on strengthening food security.
The second, of 200 million dollars, is aimed at Small and Medium Enterprises (SMEs), providing them with access to credit for imports and a rapid settlement of foreign currency for export. These details were shared by Massa at a press conference held at the facilities of the Inter-American Development Bank (IDB).
Likewise, in his meeting with Ilan Goldfajn, president of the IDB, additional funds were announced for a total of 650 million dollars, with three key objectives: financing the construction of a bridge between the provinces of Corrientes and Chaco, improving the Salto dam Large shared with Uruguay, and increase exports in the knowledge economy sector. With these initiatives, the amount of additional financing would reach the figure of 1,300 million dollars for Argentina at the end of this year.
Massa emphasized that these credits play a fundamental role not only in reinforcing reserves, which have experienced an increase of 1.7 billion dollars in the last 21 days, but also in supporting development projects.
At a time when Argentina faces annual inflation of more than 100 % and a marked shortage of international reserves, these loans provide respite from the high demand for dollars, which citizens seek as a refuge from price volatility.
K. Tovar
Source: Semana
(Reference image source: Adam Nir, Unsplash)
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