World Bank approves $300 million in credit for Uruguay

To mark 80 years of relations, the World Bank has approved $300 million in credit lines for Uruguay. The funding is intended to support reforms in trade, investment, competitiveness, and fiscal sustainability, including the simplification of customs procedures and efforts to ratify the Mercosur-European Union agreement.

Susana Cordeiro Guerra, the World Bank Vice President for Latin America and the Caribbean, highlighted Uruguay’s stability, rule of law, renewable energy, and digital capabilities as valuable assets. She encouraged the nation to “convert that credibility into growth” by leveraging these strengths through technology and added value.

Uruguayan President Yamandú Orsi and Economy Minister Gabriel Oddone emphasized the country's current focus on microeconomic reforms designed to accelerate growth. Minister Oddone noted that while previous efforts focused on macroeconomic stability and resilience, the current agenda aims to enhance competitiveness and reduce the cost of living.