BCIE provides $130 million loan to Nicaragua
At the request of the government, the BCIE approved the loan for which the country will provide the equivalent for the construction of two roads, in addition to the Millennium Challenge Account.
Friday, December 5, 2008
The first of the two highways will join La Paz Centro in Malpaisillo with Villa 15 de Julio, to form an alternate route to El Guasuale; the second road is from Nejapa, Izapa to Puerto Sandino.
These CRM funds had been designated for the construction of a highway project and a property regulation project.
John J. Danilovich, president of the CRM assistance program, reported that all subsequent payments will be frozen.
The EU has joined the the stance adopted by the US regarding the Millennium Account, and announced that it will not turn over some $37 million to Nicaragua.
The country won't be able to access Millennium Challenge Account funds, as it has ranked too low in governability and combating corruption.
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