The Inter-American Development Bank (IDB) will give Argentina credit worth $500 million to mitigate and fight the effects of climate change. The loan approval was published by the Economy Ministry in November.
According to Reuters, the loan will be issued in a single payment in December. “This loan focuses on supporting climate planning capacity, promoting green finance and promoting the circular economy,” it said in the statement. 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.
The loan was approved because of Argentina’s commitment to policies that fight climate change. The loan will be used to mitigate the effects of floods and prolonged droughts that are causing Argentina huge agricultures losses.