• From the specific analysis of the projects aimed at the Health sector, the three Loan Operations financed by the IDB (AR-L1326) and the World Bank (P174913 and P173767) stand out, their main objective being to strengthen the national health system and the efforts in response to the COVID-19 pandemic. Thus, these projects are particularly oriented to increasing the institutional and response capacity at the country level and improving the national capacity to heighten effective and equitable coverage of key health services. The projects financed by CAF and FONPLATA (ARG-046), which also belong to the Law & Government Sector, have similar objectives but with a special focus on strengthening local governments in the Argentine provinces in the implementation of protection and assistance policies to meet the health emergency caused by the pandemic (at least as deduced from the scarce information available on these projects). Finally, there are two Technical Cooperation projects financed by the IDB, with support from IDB Lab (AR-T1248 and AR-T1247), to advance the development of diagnostic tests for SARS-CoV-2 in order to address the health emergency caused by COVID-19; and one Technical Cooperation financed by the IDB (AR-T1258) to foster collaboration and knowledge exchanges among subnational governments in the response to COVID-19. • In relation to the projects for the Law and Government / Modernization of the State Sector, in addition to the aforementioned projects financed by CAF and FONPLATA (which also correspond to the Health Sector) and specially targeted on a subnational level, there is a Loan Operation financed by the IDB (AR-L1327) to improve effectiveness in the coordination and management of government priorities, by strengthening key functions of the federal government, and promote innovative practices in public management, the private sector, and civil society to respond to the crisis and its consequences. • Regarding the Financial Markets Sector, the most significant project corresponds to the Loan Operation financed by the IDB (AR-L1328) to promote the short-term financial sustainability and economic recovery of Micro, Small and Medium-sized Enterprises (MSMEs) through access to productive financing, as a support for employment in Argentina in the context of the COVID19 pandemic. This project is of particular significance not only because it involves financial intermediaries, given its socio-environmental categorization as “B13,” but also because of the amount involved and because it represents a reformulation of projects with the consequent redirection of funds. The other project corresponding to this sector is the Post-Emergency Rural Recovery and Development Program financed by CABEI to contribute, through technical assistance and investment credits, to sustaining and consolidating agro-productive, agroindustrial and service activities that generate income and employment for the rural and semi-rural population in the context of the pandemic. Therefore, it also corresponds to the Agribusiness and Forestry sector. • Lastly, the projects financed by the IDB and the World Bank that correspond to the sectors of Social Investment (AR-T1253), Transport (P174465) and Water and Sanitation (P172689) do not seem to have a specific focus in relation to COVID-19 but rather are contextual, as their objectives include the design of efficient and consistent social protection policies focused on vulnerable populations in Argentina; improving urban transport services, mobility and accessibility to jobs in the Buenos Aires Metropolitan Area; and increasing access to safely managed water and sanitation services with a focus on vulnerable areas of Buenos Aires, respectively. • It is worth noting that none of the 14 projects is aimed at such key sectors as Climate & Environment, Gender, or Indigenous Peoples, among others. 20 DFIs FINANCING IN ARGENTINA DURING THE PANDEMIC: COVID-19 PROJECTS AND TRANSPARENCY SHORTCOMINGS