Argentina in $775 Million Facility Agreement With Qatar

August 4, 2023

Cleary Gottlieb represented longtime client the Argentine Republic (Argentina), as borrower, in connection with the negotiation of a 580 million Special Drawing Rights (SDRs) facility agreement with the State of Qatar (Qatar), as lender, which was executed on August 4, 2023.

The SDRs represent approximately $775 million. The loan under the facility agreement accrues interest at the variable interest rate applicable to SDRs (4.033% as of August 4, 2023) with no additional surcharge or commission of any kind payable to Qatar.

Argentina used the proceeds of this facility agreement to make a scheduled payment to the International Monetary Fund (IMF) under the SDR 31.91 million 30-month extended fund facility between Argentina and the IMF, which was approved by the executive board of the IMF on March 25, 2022.