The loan from the International Finance Corp is for six years and comes as telecommunications companies invest in Argentina in preparation for reforms expected to make the market more competitive.
Telecom Personal is part of Telecom Argentina, which is controlled by investment group Fintech with a 68 percent stake.
Fintech is owned by David Martinez, a Mexican financier.
The fund said in July it would invest some $2.6 billion in Argentina through 2018.