The World Bank Group has unveiled a US$12 billion support package for Argentina as part of the country's economic reform efforts. This initiative indicates the organization's confidence in Argentina's government's strategies to modernize the economy and stabilize its financial system.
The package includes commitments from different arms of the World Bank Group. The International Bank for Reconstruction and Development (IBRD) plans to allocate US$5 billion to bolster public sector initiatives aimed at fostering private sector growth. Part of this allocation involves a US$1.5 billion Development Policy Financing Operation that will be released immediately.
The International Finance Corporation (IFC), another arm of the World Bank Group, intends to invest and mobilize up to US$5.5 billion in private sector development. The focus will be on infrastructure, critical minerals, agribusiness, and energy sectors. In the first year alone, US$2 billion could be deployed.
The Multilateral Investment Guarantee Agency (MIGA) is expected to offer around US$1.5 billion in guarantees. These guarantees aim to enhance credit access, particularly for small and medium-sized enterprises, and attract private investment in infrastructure.
The support program is designed to assist Argentina’s reform path and contribute to unlocking long-term growth and job creation opportunities. The implementation of the package is planned over the next three years, pending approval by the World Bank’s Board of Executive Directors. This initiative aligns with a broader international effort that includes the International Monetary Fund (IMF) and the Inter-American Development Bank.
For further information, Yanina Budkin in Buenos Aires can be contacted at +54 911-36667567, email: ybudkin@worldbank.org. In Washington, Yuri Szabo Yamashita is available at +1 (202) 948-5341, email: yszaboyamashita@worldbank.org.