The International Finance Corp., a World Bank affiliate that finances projects in developing countries, has loaned a total of $38.5 million to Hungary, the Ivory Coast and Argentina.

The bulk of the money, $30 million, will pay for new farm equipment and other agricultural machinery. Lenders who meet certain guidelines can borrow up to $4 million each from Banco Rio de la Plata, the Argentine bank that is holding the IFC's loan.

The agricultural sector accounts for 30 percent of Argentina's GNP. The IFC program is targeting loans to small and medium projects that will promote agriculture and boost the country's economy.

The IFC is investing $3.7 million in an $11.6 million dairy project in the Ivory Coast. The project's sponsor, Societe des Industries Alimentaires et Laitieres, is building a plant in Abidjan to produce concentrated milk and other dairy projects.

The milk will be sold to low-income families that have no means to conserve fresh dairy products. IFC expects the plant to be operating by June 1989.

IFC's final loan, to Hungary, is worth $4.8 million. The loan will finance part of a $21 million glass wool plant. Glass wool is an insulating material for building and industrial purposes.

The project is a joint venture among three Japanese companies -- Nitto Boseki Co. Ltd., Paramount Glass Ltd, and Toyo Menka Ltd. -- and two Hungarian companies -- Hungarian Glass Works and Skala Co-Op.

It will introduce Japanese management techniques and technology to Hungary's manufacturing industry.

The Japanese partners hold about 26 percent of the glass wool factory, the two Hungarian companies together hold 57 percent, and the IFC holds the remaining 17 percent of the company.