The World Bank's Board of Executive Directors on Tuesday approved a 75-million-U.S.-dollar loan for road infrastructure and maintenance in Argentina.

The loan will support road infrastructure improvements and finance road asset maintenance in the Province of Cordoba, thereby boosting competitiveness and economic growth, said a statement released by the World Bank.

"This loan introduces the implementation of rehabilitation and maintenance contracts by means of service level contracts," said Pierre Graftieaux, World Bank task manager for the project.

"The project is consistent with Argentina's road infrastructure funding policy developed with World Bank support," said the task manager.

The 75-million-dollar fixed-spread loan for Cordoba is repayable in 13.5 years, including a six-year grace period. The project's total cost is 96.27 million dollars, including matching funds amounting to 21.27 million dollars provided by the province.

Source: Xinhua