GM repays half of Argentina loan

Buenos Aires - General Motors said on Tuesday it was repaying early half of a loan of $63m from the Argentine government provided when the US auto giant went into bankruptcy last year.

The announcement came from GM's top executive for Argentina, Uruguay and Paraguay, Sergio Rocha, at a meeting with President Cristina Kirchner.

The loan was made to help the automaker develop a new Chevrolet "Agile" in the GM plant in Rosario, Argentina. The loan allowed GM to increase jobs at the facility.

In the first quarter of 2010, GM produced 22 796 cars at the plant and the company expects to make around 80 000 this year.

 - AFP