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US approves loan for Argentina

The Inter-American Development Bank will lend Argentina $400 million to improve infrastructure in poor neighborhoods.
Buenos aires slumEnlarge
Villa 21 shantytown in Buenos Aires, on Oct. 4, 2011. (Juan Mabromata/AFP/Getty Images)

The Inter-American Development Bank has approved a $400 million loan to Argentina to improve infrastructure in poor neighborhoods.

The United States voted to approve the loan, even though it has said over the past several months that it opposes loans to Argentina because of its failure to meet international financial commitments, including payment to creditors, reports La Nacion.

“Up to 70,000 families will benefit from infrastructure improvements including the provision of drinking water, sewers, gas, lighting for streets and homes and public spaces,” said Argentina's Planning Ministry in a statement.

The Inter-American Development Bank estimates about 280,000 people in 70 slums will benefit from the improvements.

The loan will have to be repaid starting in 2016, over a 25-year period.

Argentina has received several others loans from the bank in recent months, reports La Nacion, but the United States voted against those loans.

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