United States Cuts $64 Million in Aid to Nicaragua

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

Thursday, June 11, 2009

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.

The press release from CRM stated that the organization is committed to helping to reduce the poverty in Nicaragua communities through economic growth. To which end, they will continue projects to aid small and medium agro-businesses and they will complete the construction of three highways in the areas of León y Chinandega.

More on this topic

Venezuela Approved $50 million for Nicaragua

June 2009

The funds will be used in the projects that were going to be financed by the withdrawn resources of the U.S. Millennium Challenge Fund.

The president of Nicaragua, Daniel Ortega, announced on Sunday, June 14th that its Venezuelan counterpart Hugo Chávez approved $50 million to the Central American country for the project of territorial, infrastructure, and rural road improvements.

BCIE provides $130 million loan to Nicaragua

December 2008

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.

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 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.

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.

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