Argentina is embracing impact investing, hoping private investments can shore up new sources of capital and help solve its social problems.

President Mauricio Macri wants to “muscle in” on the impact investing sector, according to the Financial Times, to facilitate private capital infusions for environmental, social, and community-based programs. To that end, Argentina’s congress is introducing a raft of new capital markets laws and legislation that will incentivize impact investing—such as allowing B Corporations to register in the country. B Corps are essentially certified social enterprises that operate on a for-profit basis.

The FT points out that just a few years ago the investment environment in Argentina was not so friendly. Many locals, even, preferred safety deposit boxes to markets and foreigners were loathe to invest in the region deemed hazardous and alarmingly risky.

But under Macri that is changing. And development finance institutions as well as traditional capital market players are warming to Latin America if not Argentina as a place of upside potential. Argentina’s sovereign risk spreads have fallen to 10-year lows, for example.

The lower presumed risk is bringing about fundraising.

The Inter-American Development Bank (IADB) has launched a $120 million impact investment fund for early-stage venture capital technology companies based Latin America. In addition, two other major impact investing funds are being raised, as well as a social impact bond.

The whirl of activity is unusual for the Latin American region, which, according to the Global Impact Investing Network, has only attracted about 9 percent of impact investing assets in the past.

Until now, impact investments have been shunned for philanthropy. The tide, like Argentina’s administration, however, has changed.

To be sure, the growth of impact investing in Argentina will take time. But it seems like a strong path for Latin America, which has historically deep problems in basic areas such as health, education, housing and finance.

It may be time to stop mourning Argentina woes and embrace its new ways.