World Bank approves a $203 million loan to Argentina

“Argentina is investing in workforce training and creating more and better jobs. In the next ten years, 1.9 million young people will reach working age, while technological advancements are complicating employment paths for those in their productive years,” stated Marianne Fay, World Bank Director for Argentina, Paraguay, and Uruguay, in a statement.

The loan is designated for the ‘Employment Promotion’ and ‘Return to Work’ programs, coordinated by the Secretary of Labor, Employment, and Security, and will include courses to certify basic socio-labor skills and for self-employed entrepreneurs.

The credit provided by the International Bank for Reconstruction and Development (IBRD) – one of the five institutions that make up the World Bank Group – will have a repayment period of 32 years with a grace period of seven years.

It is expected that “more than 800,000 unemployed individuals will have access to training services, professional guidance, or enroll in reintegration programs,” the same source mentioned.

The “Employment Promotion” program currently has over 400,000 participants, and the “Employment Portal” was created, a free digital tool that assists unemployed individuals in finding work.

This platform has 1.7 million people registered for active job search, training, and counseling, where over 7,500 companies have already posted their job offerings.

The project also enabled training for more than 2,000 workers in municipal employment offices and the development of the Argentine Employment Observatory (OOA), which allows analyzing the labor market and directing more effective public policies.

Argentine President Javier Milei met with the President of the World Bank Group, Ajay Banga, on April 2 at the Government headquarters, where they discussed the economic reforms undertaken by his administration and confirmed the multilateral organization’s support for macroeconomic stability and job creation.

The World Bank loan adds to other multimillion loans from multilateral organizations, such as the International Monetary Fund (IMF), which the Argentine Government has obtained in recent months to strengthen its scarce monetary reserves and ease currency restrictions.

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