The Inter-American Development Bank today announced the approval of a $30 million line of credit to Argentina to provide resources for the preparation of projects for social and economic development.
The financing represents a substantial increase compared with the previous credit line for project preparation and makes possible a stronger framework for project development, as well as the application of the new Bank policy that makes lending instruments more flexible.
The resources will be used to strengthen the administrative and operational capacity of agencies that carry out projects financed by the IDB and assist with investments needed prior to eligibility for loan disbursements, thereby shortening deadlines and the cost of project start-ups.
Among the possible areas of IDB-financed projects for Argentina − projects that will be supported by the line of credit for project preparation - are those that promote reform of the state, macroeconomic stability, sustainable growth of the productive sector, social equity and poverty reduction, and improvement of the quality of life.
Since the IDB began operations in 1961 it has approved $15.25 billion in financing for development in Argentina for projects with a total cost of $37.7 billion.