Venezuela Approved $50 million for Nicaragua
The funds will be used in the projects that were going to be financed by the withdrawn resources of the U.S. Millennium Challenge Fund.
Monday, June 15, 2009
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.
A $28 million BCIE loan for the completion of the C-5 North Highway and the Interconector Milenio has been approved and will be managed by Cuenta del Milenio – Honduras.
These CRM funds had been designated for the construction of a highway project and a property regulation project.
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.
John J. Danilovich, president of the CRM assistance program, reported that all subsequent payments will be frozen.
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