CABEI approves US$50 million for “Argentina Against Hunger” Plan

Buenos Aires, November 1st, 2022.- In order to supplement the nutrition of more than 500,000 families, mainly children under the age of 14 and other vulnerable populations in Argentina, the Central American Bank for Economic Integration (CABEI) approved US$50 million in financing to support the National Plan "Argentina against Hunger (PACH)".

The resources of this approval will be used within the framework of the PACH, under the food security axis for the delivery of the Alimentar benefit. This is an instrument provided by the Argentine government to enable the population to have access to the basic food basket.

"One of CABEI's main purposes is to reduce poverty and inequality through this initiative; we have identified to orient our contribution to ensure the feeding of millions of Argentines who need this support" highlighted CABEI's Executive President, Dr. Dante Mossi.

For his part, Felipe Solá, CABEI Director for Argentina, commented: "The Bank's support for Argentina's National Plan against Hunger complements the large investment that the State is making to provide food security to poor families. So far, the Plan has had excellent results in the face of constant increases in food prices and CABEI's generous reinforcement will further improve its efficiency".

The initiative, which will be executed by the Ministry of Social Development, is part of CABEI's current 2020-2024 Institutional Strategy: Promoting Synergies for the Productive, Inclusive and Sustainable Development of the Region, in the Strategic Axis of Human Development and Social Inclusion, with the purpose of creating employment opportunities, sustainable income, as well as reducing poverty and hunger.

This approval was made within the framework of the inauguration of the multilateral development institution's representative office in Buenos Aires, where the Board of Directors meeting was held, and is in addition to the nine initiatives supported by the Bank in the country, such as the Expansion and Coverage of Health, Care for the Elderly, Digital Transformation of Argentine SMEs, Post-Emergency Rural Recovery and Development, and Protection Actions against Gender-Based Violence, among others.

The financing terms are established for a 20-year term, including a five-year grace period and an indicative annual interest rate of 5.7%.