IDB approves loans for Argentina, Ecuador and Paraguay
- The Inter-American Development Bank (IDB) approved on Tuesday a total of $970 million in loans for Argentina, Ecuador and Paraguay to underpin their efforts to battle against the COVID-19 pandemic.
- The bank approved a $470 million loan for Argentina, a $250 million loan for Ecuador and a line of credit of up to $250 for Paraguay.
- Argentina’s $470 million loan, maturing in 2043, will be used to secure access to COVID-19-related medical attention for 17 million people. The $250 million loan to Ecuador will be used to finance a project seeking to improve the detection and monitoring of COVID-19 infections.
- Paraguay’s new $250 million credit line will be executed through three loans. Only the first one, for $105 million, has been approved. It will be used to build a sewer and clean water project for 92,000 households in the Cuenca Lambaré sector of the metropolitan area of Asunción. The interest rate for these loans will be based on Libor.