IDB Lends Argentina $1.2 Billion

The Inter-American Development Bank (IDB) has agreed to lend Argentina $1.2 billion to finance infrastructure in the northern provinces of the country. The loan will help make up the third part of the financing of the Great Northern Project which covers nine of the country’s provinces. The loan will be split into two parts, with the first part consisting of $580 million for electricity infrastructure and $250 million for water and waste. The 25-year loan includes a six-year grace period and a variable rate, said the Bank.