The World Bank and the Argentinian government said in a joint statement that the loan will be used to purchase medical supplies for early detection of infections and treatment of the disease, which can lead to pneumonia.
The loan is part of a larger 14-billion-U.S.-dollar package the bank has made available to help countries mitigate the impact of the pandemic.
"With these resources, we will continue to strengthen the response level of our health system, supporting the provinces by delivering medical equipment to achieve equal access (to healthcare) for all Argentines," Health Minister Gines Gonzalez Garcia said.
The loan is to be paid back over 32 years, with a seven-year grace period.
Jordan Schwartz, the bank's director for Argentina, Paraguay and Uruguay, said the agency was working to help Argentina limit the social and economic impacts of the pandemic.
Argentina has reported 1,133 cases of COVID-19 with 34 deaths, according to the latest report from the Health Ministry.
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