World Bank’s IFC Triples Argentina Loans on Holdout Resolution
- IFC to loan $1.8 billion to Argentina’s private sector in 2016
- Reforms and holdouts settlement allowed IFC to triple loans
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The World Bank’s International Finance Corporation is more than tripling its investment in Argentina this year after President Mauricio Macri’s government began carrying out economic reforms and resolved a 15-year legal battle with holdout creditors.
The IFC will lend about $1.8 billion to Argentina’s private sector this calendar year compared with $500 million in 2015, Liz Bronder, director for Latin America and the Caribbean, said by phone from Buenos Aires. That total includes a $378 million loan to oil producer Axion Energy Argentina SA to expand its plant in Buenos Aires province, Bronder said.