The Development Bank of Latin America and the Caribbean (CAF) announced the creation of the Venezuela Recovery and Reconstruction Fund, which will begin with a seed capital of $1 million.

This amount is in addition to the $300,000 allocated by the organization as humanitarian aid to assist the population after the earthquakes of June 24. The priorities are to respond to the urgent needs in the country, and to carry out recovery and reconstruction after the natural disaster.

This is “a mechanism designed to gather and channel public, private, and international community contributions toward priority needs” following the earthquakes that struck on Wednesday, June 24.

In this regard, the Fund “will allow for contributions from governments, international organizations, companies, foundations, individuals, and other partners, pooling them under a common framework for administration and accountability, and directing them toward the initiatives defined and prioritized by the Government of Venezuela.”

Sergio Díaz-Granados, Executive President of CAF, stated that the mechanism was designed to adapt to the different stages of the response, with immediate attention in the first stage, “through humanitarian aid, essential supplies, and support for the institutions in charge of the emergency. Subsequently, the rehabilitation of critical services in areas such as health, water and sanitation, energy, education, and connectivity; and finally, recovery and resilience, with a focus on early reconstruction, the restoration of livelihoods, and reducing vulnerability to future events.”

M.Pino

Source: caf

(Reference image source: Barthelemy de Mazenod on Unsplash)

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The President of the Development Bank of Latin America and the Caribbean, Sergio Díaz-Granados, announced on Monday an immediate $550 million loan to provide liquidity to Bolivia.

The news was communicated directly to the new president of the South American nation, Rodrigo Paz Pereira, as the “first concrete operation of the Economic Recovery Support Program (PAREC).”

 The president of CAF stated: “We want to support the new government in transforming structural challenges into concrete opportunities for sustainable growth, strengthening macroeconomic stability, improving regional connectivity, and prioritizing the well-being of millions of Bolivians.”

With this loan, the multilateral institution becomes the first to present a concrete assistance plan to the country under the new government, which took office on November 8.

Díaz-Granados clarified that the funds will ensure compliance with urgent financial commitments and “generate certainty in the implementation of the government’s economic program.”

This loan approved for Bolivia is part of a larger package of up to $3.1 billion, planned for the next five years and subject to approval by the CAF Board of Directors.

These initiatives are based on four pillars: “macroeconomic stabilization, national and regional integration, well-being and social inclusion with a gender focus, and environmental sustainability and climate action.”

M.Pino

Source: xinhuanet

(Reference image source: Matheus Oliveira on Unsplash)

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La entrada CAF approves a $550 million loan for Bolivia apareció primero en Bitfinance.