IDB Lends $700m in Argentina

The Inter-American Development Bank (IDB) has agreed to provide $700m in funding to Argentine government programs, it says. A $500m, 24-year loan with a 6.5-year grace period and variable interest rate based on Libor will help fund improvements in the Norte Grande region, with a focus on water collection, treatment, and distribution, as well as the handling of sewage and storm water. The government will weigh in with $55m in counterpart funding. Meanwhile, a $200m, 25-year loan with a 5.5-year grace period and variable interest rate, paired with local financing of $66m, is set to support business projects and enable public-private consortia work. The development bank declines to offer additional details.