The Inter-American Development Bank (IDB) announced on Wednesday the approval of a $400 million credit to Argentina in order to improve the infrastructure of the country’s poor neighbourhoods. The credit will begin to be repaid in 2016 and over a 25-year period.
The loan is complemented by an additional $45 million provided by the local Government, the IDB announced.
Previously, the Ministry of Social Planning had explained that the credit “would contribute to improve urban and social inclusion in poor areas.”
“70,000 families will be benefited by infrastructure works that will provide the population with drinking water, a sewage system, gas, lighting and public spaces for leisure,” the Ministry said.
The credit approval reflects a change in the US’s stance towards Argentina, since only recently they had voted against it because of the country’s «failure to comply» with its international debt.
This is the second operation led by the Conditional Credit Line Investment Project (CCLIP) a part of the Neighborhood Upgrading Project (PROMEBA), an organization approved in January 2007.
buenosairesherald.com