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CAF grants Argentina $1.4B in credit tied to economic initiatives

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CAF grants Argentina $1.4B in credit tied to economic initiatives

Banco De Desarrollo De América Latina, or CAF, said it is extending $1.4 billion in financing to Argentina as it looks to support the country's economic standardization policies.

Of the amount, $750 million will come from a contingent credit line, an anti-cyclical instrument that will aid in the country's public debt management strategy, CAF said in a statement.

Another $150 million will be approved in 2018 for projects in sectors that promote the country's development, such as logistics and energy, among others. The bank plans to further offer $500 million in 2019 to promote the country's growth.

Argentina recently reached a three-year, $50 billion standby arrangement with the International Monetary Fund, meant to address the country's struggles with steep inflation and large fiscal and current account deficits.