World Bank says will accelerate support for Argentina

WASHINGTON (Reuters) -The World Bank said on Tuesday it would accelerate support for Argentina, combining public-sector financing with private investment to deploy up to $4 billion in coming months to support the South American country's reform agenda.

The bank said the investments would focus on mining and the critical minerals sectors, boosting tourism and expanding energy access, as well as strengthening supply chains.

The funding is part of a $12 billion package announced by the World Bank in April to support economic reforms, alongside a $20 billion loan from the International Monetary Fund. Specific projects to be funded with the $4 billion were not disclosed.

Argentine financial assets rallied after U.S. Treasury Secretary Scott Bessent on Monday said the U.S. was ready to take "large and forceful" action to support Argentina, including options such as swap lines and direct currency purchases from Washington.

The country's embattled peso currency strengthened nearly 5% to the dollar on Tuesday, extending Monday's rise in a sharp reversal from last week, when the Argentine central bank burned through more than $1 billion of reserves to defend its currency.

(Reporting by Andrea Shalal; Editing by Doina Chiacu and Richard Chang)

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