BUENOS AIRES, November 5, 2009.- The World Bank renewed its support for Argentina’s economic and social agendas as the country slowly begins to exit the global financial crisis. After a four-day project assessment visit, World Bank regional vice president Pamela Cox highlighted the institution’s support for the Argentine government’s efforts in the areas of social protection and public investment, which would strengthen the country’s prospects in a post-financial crisis scenario. Cox also emphasized the strong relationship that the Bank has developed with Argentina on the heels of the recently approved Country Partnership Strategy (CPS) that provides US$3.3 billion from 2010 to 2012 to help the government deal with the effects of the global financial crisis, with a special emphasis on protecting the most vulnerable. Argentina’s portfolio with the World Bank includes 33 projects under implementation with US$5.5 billion in total funding. The Bank’s top regional official met with members of Argentina’s cabinet and with President Cristina Fernandez de Kirchner to assess active projects and to reaffirm the pipeline to fund future initiatives, which combined amount to nearly US$ 2.7 billion. President Fernandez de Kirchner praised the World Bank’s role in Argentina and called for the need to strengthen multilateral institutions operating in the region so they are appropriately funded to meet the financing assistance needs of Latin American countries as they recover from the global financial crisis. "The multilateral financial institutions, including regional organizations and the World Bank, have contributed vital resources to weather the impact of a crisis that came from abroad", said Fernandez de Kichner. "It is key that these efforts are maintained in a sustainable manner, which can only be achieved with an adequate capital increase for these institutions", she added. Between July 2008 and June 2009 the World Bank committed US$15 billion in lending to Latin America and the Caribbean ―almost tripling its volume of funding to the region. A similar level of cooperation is expected this fiscal year. Cox also commended Argentina’s efforts to provide the region with a stronger voice in the new world financial order emerging vis-à -vis the Group of 20 countries on behalf of emerging market economies. .jpg) "Argentina’s role in the G-20 has been key in elevating the voice of Latin America at the global level. It is acknowledging the 21st century’s new reality, where emerging economies are no longer part of the problem, on the contrary, they are part of the solution to problems that affect everyone, from a financial crisis that they did not cause, to climate change," added Cox.
During her visit, the World Bank’s vice president had key meetings with ministers Julio De Vido (Infrastructure), Amado Boudou (Finance), and Juan Luis Manzur (Health), to review approved programs worth US$200 million and to discuss implementation plans for programs amounting to US$652 million. Other projects in the pipeline -worth US$2.7 billion- that were also reviewed include: Expansion of the Infrastructure Regional Road Program, Developing Norte Grande Project, Expansion of Urban Drainage and Flooding Programs, Boosting Hospital and Health Center Capacity Program and the Federal Electric Transport Program Phase II. Early in her visit, Cox met with Governor of San Juan Province Jose Luis Gioja to work out a plan designed to reinforce social protection networks in the province. She also visited projects under the umbrella of the Small Farmer Development Program (PROINDER) and the Rural Education Improvement Program (PROMER). In Buenos Aires she met with Governor Daniel Scioli to assess the implementation of projects in the province and visit the Infrastructure Project for Buenos Aires, which, through a two-stage World Bank financing program of US$470 million, will contribute towards improving the provision of public service infrastructure there. Visit www.worldbank.org/ar to learn more about the Bank’s work with Argentine authorities.  | 
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