World Bank approves guarantee-backed financing package for Argentina

(Corrects headline ‌and ​text ​to guarantee-backed financing package instead of loan ‌package)

BUENOS AIRES, June 16 (Reuters) - The ⁠World Bank Group on Tuesday ‌approved a guarantee-backed ‌financing package to help mobilize up to $2 billion in ​commercial loans for Argentina, which will help the ⁠country reduce its financing costs and ​strengthen public debt management, the institution said in a ​statement.

The plan combines ‌two guarantees. The first is a policy-based ⁠guarantee from the International Bank for Reconstruction and Development, ⁠and the second is a guarantee ​from the Multilateral Investment Guarantee Agency, the bank said in a ‌statement. The supported commercial loan has a ‌six-year term, with a ⁠three-year grace ‌period.

(Reporting by ​Eliana Raszewski in Buenos Aires, Editing by Matthew ‌Lewis)

You May Also Be Interested In

• China rejects New Zealand spy allegations as false
• Thousands stranded at Japan's Narita airport after record rain kills four
• Chinese chipmaker SMIC increases prices on strong AI demand