IDB approves $500 mln loan to Argentina to fight climate change

Cows graze on a farm near Santiago del Estero, Argentina, April 6, 2018. Picture taken April 6, 2018. REUTERS/Marcos Brindicci - RC11AC23A5D0

BUENOS AIRES, Nov 30 (Reuters) - The Inter-American Development Bank (IDB) has approved a $500 million credit line to Argentina to mitigate the impacts of climate change, its Economy Ministry said in a statement on Wednesday.

The loan will be granted with a single payment in December, the ministry said, adding it is linked to targets looking to mitigate and adapt to the impacts of climate change.

"This loan focuses on supporting climate planning capacity, promoting green finance and promoting the circular economy," it said in the statement.

"This is a clear example of Argentina's commitment to policies to combat climate change," it added, pointing to effects such as floods and a prolonged drought that is causing the country heavy agricultural losses.

Reporting by Carolina Pulice and Maximilian Heath; Editing by Sarah Morland

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