Development bank grants $1.14 bln clean energy loan to Argentina

The Inter-American Development Bank (IDB) said on Wednesday it approved a $1.14 billion conditional credit line for clean energy in Argentina, part of a push to help the country chart a greener future even as it faces a growing economic crisis.

The Inter-American Development Bank (IDB) said on Wednesday it approved a $1.14 billion conditional credit line for clean energy in Argentina, part of a push to help the country chart a greener future even as it faces a growing economic crisis. The announcement comes two days after the bank's president, Mauricio Claver-Carone, said it could not approve new funds for Argentina if its government does not meet International Monetary Fund (IMF) commitments.

"As part of the line of credit, the IDB authorized an initial $200 million," the bank said in a statement, adding the sum would grow with an additional 100 million euros from the French Development Agency plus 100 million euros from the European Investment Bank. Argentina's government has struggled to tame spiraling inflation or a currency downturn that has recently weakened to record lows against the U.S. dollar.

The country already has a $44 billion debt deal with the IMF. The IDB added that this first operation aims to contribute to the decarbonization of the electricity sector by reducing greenhouse gas emissions while also promoting social development.

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