Argentina secures $665 million in loans from development bank

The Development Bank of Latin America (CAF) has approved $665 million in loans for Argentina, the government confirmed on Friday, as the country navigates a severe shortage of foreign currency. The Caracas-based CAF, as the bank is known for its initials in Spanish, was founded in 1970 and has member countries across Latin America, the Caribbean, and Europe.

The Development Bank of Latin America (CAF) has approved $665 million in loans for Argentina, the government confirmed on Friday, as the country navigates a severe shortage of foreign currency. The five loans approved include one for $340 million for infrastructure in the metropolitan Buenos Aires area, as well as a $100 million loan to support the government's COVID-related anti-hunger plan.

Three other loans of $75 million each will go to an environmental and climate program and initiatives to support agricultural exports and roads. The Caracas-based CAF, as the bank is known for its initials in Spanish, was founded in 1970 and has member countries across Latin America, the Caribbean, and Europe.