World Bank’s IFC Triples Argentina Loans on Holdout Resolution

Source: Bloomberg
By: Charlie Devereux

The World Bank’s International Finance Corporation is more than tripling its investment in Argentina this year after President Mauricio Macri’s government began carrying out economic reforms and resolved a 15-year legal battle with holdout creditors.

The IFC will lend about $1.8 billion to Argentina’s private sector this calendar year compared with $500 million in 2015, Liz Bronder, director for Latin America and the Caribbean, said by phone from Buenos Aires. That total includes a $378 million loan to oil producer Axion Energy Argentina SA to expand its plant in Buenos Aires province, Bronder said.

“Many years ago Argentina was the largest single country that we had exposure to and then in the last five years we’ve almost done no financing in Argentina given the conflict of several member countries of IFC around the holdout issue,” Bronder said. “When the government announced their programs that helped stabilize the macroeconomic situation and the move toward negotiations with the holdouts we were able to finance freely what demand we could see in the country.”


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