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The funds will be used in the projects that were going to be financed by the withdrawn resources of the U.S. Millennium Challenge Fund.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

In an article in "Ortega declared that these funds were approved by his Venezuelan colleague, Hugo Chávez, at the Petrocaribe summit held this Friday in San Cristóbal and Las Nieves, and it's called the" DAWN-SOLIDARITY Fund", reported Efe. The Sandinista leader, nevertheless, emphasized that the $50 million will support the parts of the projects that were left unfunded due to the suspension of the U.S. Millennium Challenge Fund dollars."

More on this topic

Funding Approved for Highway in Honduras

October 2011

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.

From the press release:

28 million dollars approved for the CA-5 North Highway

A full congressional session approved the loan to the order of $28 million which will be administered by the Cuenta del Milenio - Honduras to complement the expansion works and improvements to the CA-5 North Hightway and the construction of the Interconector Milenio .

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.

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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