(Corrects headline and text to guarantee-backed financing package instead of loan package)
BUENOS AIRES, June 16 (Reuters) – The World Bank Group on Tuesday approved a guarantee-backed financing package to help mobilize up to $2 billion in commercial loans for Argentina, which will help the country reduce its financing costs and strengthen public debt management, the institution said in a statement.
The plan combines two guarantees. The first is a policy-based guarantee from the International Bank for Reconstruction and Development, and the second is a guarantee from the Multilateral Investment Guarantee Agency, the bank said in a statement. The supported commercial loan has a six-year term, with a three-year grace period.
(Reporting by Eliana Raszewski in Buenos Aires, Editing by Matthew Lewis)
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