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World Bank approved 2 loans for Argentina totaling US$700 million for economic recovery and national highways.

Publication: M2 Presswire
Publication Date: 30-JUN-04 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
M2 PRESSWIRE-30 June 2004-WORLD BANK: World Bank approved 2 loans for Argentina totaling US$700 million for economic recovery and national highways(C)1994-2004 M2 COMMUNICATIONS LTD

RDATE:06292004

WASHINGTON DC -- The World Bank approved today two new loans totaling US$700 million for Argentina to support economic recovery and national highways management. The Board of Executive Directors also discussed the latest economic developments in Argentina and the status of the dialogue with the Government on the economic and social policy agenda under the Country Assistance Strategy endorsed in April.

The Economic Recovery Support Structural Adjustment Loan (ERSAL) for US$500 million supports Argentina's efforts to sustain the current economic recovery and establish the structural foundation for medium-term growth, increased employment and greater social equity. Sustainable economic growth hinges on structural changes to promote investment and exports, underpin improvements in investor and consumer confidence, and preserve Argentina's social capital.

Specifically, the ERSAL supports restructuring of the financial and utilities sectors, as well as actions to improve the investment climate.

"The Bank is supporting Argentina's efforts to implement structural reforms, as well as policy actions to help improve the investment climate in order to generate sustainable employment," said Axel van Trotsenburg, World Bank Country Director for Argentina, Chile, Paraguay and Uruguay."The ERSAL provides the framework to renew our financial sector dialogue with the...

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