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World Bank approves loans totaling $845M for Argentina

Argentina'sFinance Minister, Alfonso Prat-Gay, announced July 12 that the has approved three loansfor Argentina totaling $845 million.

In ajoint press conference in Buenos Aires with the head of the World Bank, Sri MulyaniIndrawati, Minister Prat-Gay said the loans would be used for infrastructure projects,social programs and actions to mitigate climate change.

The financingpackage includes a $600 million loan for a program to improve living conditionsfor around 1.4 million vulnerable children and youth in Argentina.

In addition,the World Bank will provide $200 million for a new infrastructure project to manageflood risk in the Arroyo Vega basin of Buenos Aires.

The bankhas also approved $45 million to promote innovation by small and medium-sized businessesin the country.

For herpart, Indrawati congratulated Argentina on its efforts to "return to the internationalcommunity" and to "generate a new framework" under the governmentof President Mauricio Macri, who took office in December 2015.