Argentina to receive $900 million loan from World Bank

The World Bank announced a new $900 million loan Wednesday to Argentina amid a hard-hitting economic crisis.

The news came after World Bank Managing Director of Operations, Axel van Trotsenburg, met Argentinian Minister of Economy, Sergio Massa, in Washington to discuss the South American nation’s macroeconomic situation.

“This year, the World Bank has already approved $1.1 billion of new projects and confirms about another $900 million planned over the next six months," according to a statement from the Bank. Massa thanked the Bank and van Trotsenburg for the support and "recognition of the measures we took to stabilize the macroeconomy and strengthen reserves."

Massa said on Twitter they "discussed the macroeconomic program and agreed to continue working to expand financing for the inclusive development of the country in water and sanitation, social protection, health, transportation and education projects."

Van Trotsenburg wrote that he was "Very pleased to meet w/ @SergioMassa. We discussed Argentina's macro situation and reinforced @WorldBank's commitment to continue working together to promote inclusive and sustainable growth," adding "the @WorldBank has been partnering with Argentina for decades to promote investment and growth programs including support for those most in need. This year, we have approved $1.1 billion of new projects and another $900 million are underway."

The statement said over the years the partnership has "strengthened, and the World Bank has approved new lending worth $3.73 billion focused on investment and growth programs including support for those most in need."

"The Government of Argentina has conveyed that they will disburse about $500 million of World Bank financed projects over the next 4 months. This will include support for the wastewater works in the Matanza-Riachuelo, universal health system, capacity building for employment creation, and social protection measures for poor children under the AUH program," according to the statement.

Overall, the Bank said the portfolio was valued at $9.1 billion, made up of 25 projects worth $8.6 billion plus an International Bank for Reconstruction and Development Guarantee of $466 million.