The Inter-American Development Bank (IDB) and the national government of Argentina have joined efforts to respond to devastating floods in the city of Bahía Blanca through a flexible and innovative financial mechanism designed for emergencies.
The Contingent Credit Facility for Natural-Disaster and Public-Health Emergencies (CCF) is an IDB tool that enhances a country's ability to respond quickly to emergencies and improves its financial management of disaster risks. This instrument has played a crucial role in past emergencies, such as the 2016 earthquake in Ecuador and Hurricane Dorian in the Bahamas in 2019.
Argentina has immediate support from the Facility in the amount of $200 million, potentially from reassigned resources. This financing will enable an efficient response to the flooding in Bahía Blanca and help mitigate the impact on the population most affected.
In addition, the IDB will contribute $200,000 in non-reimbursable, emergency technical cooperation. This contribution will support basic emergency-response efforts.
Through these actions, the IDB will support Argentina in the reconstruction of Bahía Blanca, which, on March 7, experienced one of the worst floods in its history due to an unprecedented storm. The IDB reaffirms its commitment to Argentina and its people and expresses solidarity with the families of the victims and all those affected.
About the IDB
The Inter-American Development Bank (IDB) is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the IDB works with the region’s public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise and knowledge, it promotes growth and well-being in 26 countries.