On Wednesday, the Economy Ministry of South America said Argentina will receive over $1 billion in funding from the Inter-American Development Bank and the World Bank. They also added that the funds should be used for development and energy initiatives.
Argentina is short on cash, and steps are taken to provide aid to Argentina, which is struggling to restructure its debts and adhere to financing programs with other international financial organizations, which also include the International Monetary Fund’s (IMF) $44 billion loan agreement.
For health care, development projects in clean energy, and climate-resilient infrastructure, the World Bank was giving $900 million in financing, Argentina’s economy ministry said.
The ministry added in the statement that the nation and Uruguay were also given a $400 million credit program from IDB to upgrade the supplies at the Salto Grande hydroelectric complex and increase the facility’s “useful” lifespan.
Argentina is struggling, and the funds are provided so it can help reduce the inflation rate of 100% or higher, address social challenges such as four out of every ten people living in poverty, and restore depleted foreign currency reserves.
