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WB approves USD 950-million Financing for Social Protection

The Board of Directors of the World Bank (WB) approved today two loans worth a total of USD 950 million to support Argentina in facing its economic difficulties and strengthening the social protection for the most vulnerable.

“We receive this support to Argentina, focused on the most vulnerable sectors, in a crucial moment for our country and it is an evident sign of confidence”, said the Minister of Treasury, Nicolás Dujovne.

The first loan for USD 500 million will be aimed at the budgetary needs of the country. This support, known as Development Policy Financing (DPF), recognizes the efforts and public policies that promote inclusive growth.

The second loan for USD 450 million will be aimed at the Protection of Children and Young Adults Project. The goal is to reach 250,000 children not covered by the Universal Benefit per Child (AUH, for its acronym in Spanish).

“The World Bank offers its strong support to the country in these times of hardship, in particular to the most vulnerable”, said Jorge Familiar, Vice President of the World Bank for Latin America and the Caribbean. “This financing is aimed at protecting the most vulnerable families from the risk of poverty and at fostering inclusive and sustainable growth in the country”, he added.