IDB Approves $500 Million Loan to Argentina to Fight Climate Change
- Credit line linked to targets looking to mitigate and adapt to impacts of climate change
- Loan focuses on supporting climate planning capacity, promoting green finance and promoting the circular economy
Image: Perito Moreno Glacier, Los Glaciares National Park, Argentina. Source: I, Luca Galuzzi, CC BY-SA 2.5, via Wikimedia Commons
The Inter-American Development Bank (IDB) has approved a $500 million credit line to Argentina to mitigate the impacts of climate change, its Economy Ministry said in a statement on Wednesday.
The loan will be granted with a single payment in December, the ministry said, adding it is linked to targets looking to mitigate and adapt to the impacts of climate change.
“This loan focuses on supporting climate planning capacity, promoting green finance and promoting the circular economy,” it said in the statement.
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“This is a clear example of Argentina’s commitment to policies to combat climate change,” it added, pointing to effects such as floods and a prolonged drought that is causing the country heavy agricultural losses.