WASHINGTON, May 4 (NNN-MERCOPRESS) — The World Bank (WB) approved a US$ 230 million loan for Argentina to enhance job creation and training, supporting the “Promoting Employment” and “Back to Work” programs.
This financing, part of a US$ 12 billion three-year package following Argentina’s International Monetary Fund (IMF) agreement, aims to benefit over 800,000 unemployed individuals through training, job search services, and socio-labor skill certification, it was explained.
The loan, with a variable rate, 32-year repayment, and 7-year grace period, builds on the success of the Employment Portal, which has engaged 1.7 million job seekers and 7,500 companies. In addition, training was provided to 2,000 workers from municipal employment offices, and the Argentine Occupation Observatory (Observatorio de Ocupaciones de Argentina – OOA) was created to monitor and analyze the labor market.
“Argentina is investing in training its labor force and generating more and better jobs. In the next ten years, 1.9 million young people will reach productive age, while technological advances are complicating the labor trajectories of people in their productive years,” WB Country Director for Argentina, Paraguay, and Uruguay, Marianne Fay, said.
The new credit is in addition to previous disbursements granted to Javier Milei’s government by the WB, which has so far disbursed US$ 1.5 billion.
The overall program includes three axes:
. The International Bank for Reconstruction and Development (IBRD) will commit US$ 5 billion to modernize tax administration, improve education, and build critical infrastructure.
. The International Finance Corporation (IFC) expects to mobilize up to US$ 5.5 billion to support private investments, with US$ 2 billion available in the first year.
The Multilateral Investment Guarantee Agency (MIGA) will issue guarantees for US$ 1.5 billion to expand access to credit, especially for SMEs, and encourage investment in infrastructure.
