El Salvador: $500 Million more from IDB

The funds will be available beginning in 2010 and they will be used to fund some projects of Mauricio Funes’ new government.

Wednesday, June 3, 2009

The president of the Inter-American Development Bank (IDB), Luis Alberto Moreno, announced the new line of credit granted to El Salvador during a visit to the country. This loan is in addition to the $450 million loan granted in 2009 by the same body.

According to Laprensagrafica.com, "Stagnation in the economy has caused tax revenues to fall by about 18% so far this year, which will cause an imbalance in public finances. To solve this problem, ARENA and the FMLN agreed to the redirection of funds already contracted for other areas, which will now be used to cover the budget for 2009."

More on this topic

Honduras: $27 Million for Agriculture Projects

January 2010

The Inter-American Development Bank (IDB) will loan $27 million to a program fostering rural business.

The funds are earmarked for the departments of Olancho, El Paraíso, Colón and Gracias a Dios, and intended to fund projects by small producers. It is part of the National Program for Sustainable Rural Development (Pronaders).

IDB Increases Support to Central America

March 2009

During a meeting of Governors, IDB President Luis Alberto Moreno announced that the entity will increase its support to countries in the region.

Proceso Digital published on its website: "’At this juncture, we have to lend more and that is our obligation and why we are here,' said the head of the IDB in his opening speech.

Salvadoran Banks ask for lower credit rate from the IDB

December 2008

ABANSA believes that the cost of accessing the $500 million made available with IDB funds is too high.

Armando Arias, president of the group said that the rate of the funds corresponds to the LIBOR plus 400 base points more in commissions and is practically the same as the rates offered by other international lenders.

$400 million for widening of Panama Canal

October 2008

The Inter-American Development Bank approved a loan today for the widening of the Panama Canal, the biggest infrastructure project underway in Latin America.

"The IDB has been a strong ally of Panama for almost 50 years," said the president of the bank, Luis Alberto Moreno, in a release.

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