Argentina ETFs have picked up speed, breaking above their short-term trend lines, after gaining approval for three loans totaling more than $1.8 billion.
On Friday, the Global X MSCI Argentina ETF (NYSEArca: ARGT) was up 1.1% and the iShares MSCI Argentina and Global Exposure ETF (BATS: AGT) was 3.2% higher. Both ARGT and AGT are now trading back above their short-term trend line at the 50-day simple moving average.
Argentina’s markets were strengthening after the World Bank and the Inter-American Development said they were providing the emerging economy with three loans totaling more than $1.8 billion to support the country through its financial difficulties and citizens whom are most at risk, the Associated Press reported.
The World Bank said Thursday that a first loan of $500 million will go toward the government’s budget needs and a second loan of $450 million will be used to protect 250,000 at risk children by 2020.
“This support to Argentina, especially focused on the most vulnerable sectors, comes at a crucial moment for our country and is a clear sign of confidence,” Nicolas Dujovne, Argentina’s minister of finance, told the Associated Press.