Finally, 1 project (7.2% of the total) was categorized as B13, that is, it corresponds to Financial Intermediaries. • The fact that there are projects under implementation or even in the pipeline that do not have an environmental and social risk categorization, or that this information is not included in the project information, represents another important limitation to fully know the projects that are being financed by the DFIs in the context of the pandemic. At the same time, it prevents knowing the type of measures and environmental and social safeguards that the DFIs should be implementing on those projects. • In relation to projects categorized as aimed at Financial Intermediaries, it is worth mentioning that this type of undertakings tends to be problematic since, in general, it is difficult to monitor the funds and control the correct compliance and implementation by the financial intermediaries of social and environmental regulations associated with the project. This difficulty in relation to the accountability associated with the project is evident even for the DFIs that grant the financing – which can be even more problematic in the context of the pandemic and of projects approved through a quick disbursement window. Hence, the DFIs should place special emphasis on monitoring this type of projects and on ensuring that intermediaries provide adequate and timely information about the projects and comply with the corresponding socio-environmental requirements. • Similarly to what happens on a global scale, the “COVID-19 Projects” financed by DFIs in Argentina correspond mainly to the Health sector15 (47%), Law and Government / Modernization of the State16 (17%) and Financial Markets17 (12%). COVID PROJECTS BY SECTOR LAW AND GOVERNMENT / MODERNIZATION OF THE STATE 17% WATER AND SANITATION 6% AGRICULTURE AND RURAL DEVELOPMENT / FORESTRY 6% FINANCIAL MARKETS 12% TRANSPORT 6% SOCIAL INVESTMENT / SOCIAL PROTECTION 6% HEALTH 47% Source: own table. 15. The Health Sector includes projects related to: Health Facilities and Construction; Health systems and Policies; Health System Strengthening; Health Service Delivery, and Public Administration Health, among others. 16. The Law & Government/Modernization of the State Sector includes projects related to: Rule of Law; Public Administration; Subnational government; Public Finance Management; Transparency, Accountability and Good Governance; Central Government Agencies; Institutional Strengthening, and Capacity Building, among others. 17. The Financial Markets Sector includes projects related to: Capital Markets; Banking Institutions; Financial Sector Integrity; Financial Stability; Regulation & Restructuring, and Financial Infrastructure, among others. 19 DFIs FINANCING IN ARGENTINA DURING THE PANDEMIC: COVID-19 PROJECTS AND TRANSPARENCY SHORTCOMINGS