Luis Alberto Moreno, president of the Inter-American Development Bank (IDB) has announced a series of loans for Argentina, totalling US$900 million.
Some US$600 million will be earmarked for the creation of an infrastructure fund – in which the World Bank is also involved – with the highest possible AAA credit rating of the IDB, to minimise regulatory risks and attract more private investment in the country.
The remaining $300 million will go towards the creation of an “insurance” to be activated should the country experience a large-scale natural disaster.
Since Mauricio Macri assumed the presidency of Argentina in December 2015, the IDB has quadrupled its presence in the country. During 2016, the organisation disbursed $1.2 billion, while this year, the figure will reach $2.3 billion. It is reported that in 2018, a further $6 billion will be allocated.
At a recent news conference, Moreno said, “We want to help Argentina grow, and grow fast.