São Paulo – The Inter-American Development Bank (IDB) will have two new lines of financing, adding up to US$ 8 billion, for Latin American and Caribbean countries to address shocks caused by external financial crises and natural disasters. The new lines were announced by the institution last Friday (5th).
One of the lines will make US$ 6 billion available to 26 countries, at a limit of US$ 2 billion per year, from 2012 to 2014. The money will help nations cushion themselves against high commodities prices and other global liquidity crises.
The other line will help cover urgent financing costs arising from natural disasters. The total will be US$ 2 billion, also from 2012 to 2014. “Many of the poorer citizens in the region saw improvement in their living conditions in the last few years thanks to better social programs and macroeconomic management,” said the IDB president Luis Alberto Moreno.
*Translated by Gabriel Pomerancblum
