The Latin American country is dealing with a struggling economy that has seen inflation soar above 100 percent and poverty levels climb up to 40 percent.
News of the agreement was first announced by a spokesperson for Argentina's economy minister, Sergio Massa, who is also running for president in elections scheduled for later this year.
On Tuesday, the World Bank approved two new projects for Argentina worth around $650 million which are targeted at increasing access to financing for climate change mitigation and adaptation and strengthening existing food programs. Meanwhile, two sources told Reuters news agency that Argentina plans to tap the latest loan disbursement to repay China part of the money it borrowed through a currency swap line.
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