World Bank to help Argentina achieve inclusive growth

The World Bank announced on Tuesday that its executive directors had endorsed a new strategy to aid Argentina to reduce poverty and promote inclusive growth.

The World Bank will help Argentina achieve sustained employment creation in farms and firms, improve availability of assets for people and households, reduce environmental risks and safeguard natural resources.

"The World Bank will be supporting Argentina in reaching the most vulnerable in society, especially in the lowest income areas of the country," said Jesko Hentschel, World Bank Country Director for Argentina, Paraguay and Uruguay.

During 2015-2018, the World Bank and the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, will support Argentina to achieve specific outcomes.

The programs will help reduce average transit time to city centers from poor neighborhoods, increase the gross value of agricultural production of small- and medium-size farms in lower-income areas, and support an increase in effective national healthcare coverage.

"(The) IFC will engage with Argentina's private sector selectively to finance projects with significant development impact, particularly on job creation, SMEs (Small and Medium Enterprises) and sustainability," said Irene Arias, IFC director for Latin America and the Caribbean.

The IFC will focus on export-oriented sectors such as agribusiness, energy, infrastructure and financial institutions. The IFC's investments are expected to reach 1.7 billion U.S. dollars to support Argentina's private sector.

The World Bank's current portfolio includes advisory, knowledge exchanges and financial services amounting to 4.9 billion dollars in current commitments. The IFC has a committed portfolio of 760 million U.S. dollars in 52 private sector projects. Endi