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.

The Millennium Challenge has been participating as a co-financier along with the Government of Nicaragua to build the aforementioned highways. However, due to the pending threat from the Government of the United States to cut financing in response to accusations that Nicaragua has violated one of the requirements in order to maintain the projects.

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United States Cuts $64 Million in Aid to Nicaragua

June 2009

These CRM funds had been designated for the construction of a highway project and a property regulation project.

The board of directors of the Millennium Challenge Fund (CRM) unanimously resolved to reduce the aid to Nicaragua by $64 million (of a total of $175 million). These funds had been frozen since November 2008 after questioning involving municipal commissions.

United States freezes aid to Nicaragua

November 2008

John J. Danilovich, president of the CRM assistance program, reported that all subsequent payments will be frozen.

Warnings were given. The US ambassador, Robert Callahan, had warned that they would review the level of economic cooperation for Nicaragua due to the claims of fraud in the recent municipal elections.

The EU also freezes funds to Nicaragua

December 2008

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.

This is due to the criticism of the recent electoral process and complains about "the offenses" committed by President Daniel Ortega against contributors.

Nicaragua Loses Access to Millennium Funds

November 2009

The country won't be able to access Millennium Challenge Account funds, as it has ranked too low in governability and combating corruption.

On December 9th, the Millennium Challenge Account Corporation will choose which countries are eligible to receive more funds from the program. Nicaragua has been deemed ineligible, as it got less than 50 points both in governability and corruption.

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