BUENOS AIRES, Reuters The World Bank and the InterAmerican Development Bank IDB will provide Argentina with funds totaling over 1 billion, the South American nation39;s economy ministry said on Wednesday, adding these should go toward development and energy projects.

The move comes as cashstrapped Argentina battles to rework its debts and comply with financing programs with other international financial bodies, such as a 44 billion loan program with the International Monetary Fund IMF.

Argentina39;s economy ministry said the World Bank was giving 900 million in financing for development projects in clean energy, health care and climate resilient infrastructure.

The country, along with Uruguay, was also awarded with a 400 million credit program from IDB to improve the supplies at the Salto Grande Hydroelectric Complex and extend the facility39;s useful lifespan, the ministry added in another statement.

The funds come as Argentina faces a major challenge to bring down a 100plus inflation rate, replenish scarce foreign currency reserves and alleviate social issues including fourinten people living in poverty.

Reporting by Nicolas Misculin and Carolina Pulice; Editing by Anthony Esposito and Sarah Morland

Source Reuters