Freezing collaboration Economics Investment World Bank government coup Government international aid international loan Cuenta Reto Milenio Inter-American Development Bank Juan José Daboub Robert Zoellick elections financial aid municipal elections

Nicaragua Loses Access to Millennium Funds

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

Tuesday, November 10, 2009

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.

"The 17 performance indicators analyzed by the U.S. organism are grouped into three categories: ruling with justice, investing in the people and economic freedom. They are used to choose beneficiary countries from among 86 poor countries of the world", reports Laprensa.com.ni.

Source: laprensa.com.ni

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Key entities

Millennium Challenge Corporation World Bank

Countries

Nicaragua United States of América

Insight

Freezing collaboration Investment

45 Projects Paralyzed by Political Crisis

October 2009

$684 million in projects are on hold in Honduras, due to IDB and WB freezing financial cooperation with the country.

38 projects are awaiting $456.7 million in funding from the Inter-American Development Bank. Likewise, the World Bank has 17 active projects, with $227.4 million to be disbursed.

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.

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.

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.