Nicaragua Receives Emergency Funding After Eta and Iota Destruction – India Education, Education News India, Education News

Washington: The World Bank’s board of directors today approved a $ 80 million loan to support Nicaragua’s emergency and recovery needs from the devastation caused by Hurricanes Eta and Iota. The Nicaragua Hurricanes Eta and Iota Emergency Response Project will support the country’s disaster relief and the restoration of services and economic activities in critical sectors in the hardest hit communities.

The project will prioritize the country’s efforts in the autonomous regions of the Caribbean coast that have been affected by the composite effects of the two hurricanes. The autonomous regions have the highest incidence of extreme poverty in the country, making their populations – which include large numbers of indigenous and Afro descendants – particularly vulnerable to external shocks. The project will also fund the refurbishment and resilient rebuilding of prioritized public and municipal infrastructure and housing.

“The hurricanes exacerbated the economic and health challenges of the COVID-19 pandemic. We must therefore continue to provide emergency aid to the affected population in a timely manner and help them rebuild their communities in a resilient manner, ”said Iván Acosta, Nicaragua’s Minister for Finance and Public Lending.

The project will also focus on restoring the incomes of the affected population during critical economic activities, with an emphasis on the small-scale fisheries sector. Affected communities and their representatives will be involved in prioritizing project activities and ensuring that activities are tailored to their needs and cultural preferences.

“The hurricanes hit some of the most vulnerable communities in Nicaragua, and the resulting disruption to basic services and livelihoods is of particular concern,” said Kinnon Scott, World Bank representative in Nicaragua. “We will work closely with Nicaragua to help these communities recover.”

The $ 80 million loan for the Hurricanes Eta and Iota Emergency Response Project in Nicaragua is financed by the International Development Agency (IDA), the World Bank’s fund for the poorest countries, and in collaboration with the United Nations Office for Project Services (UNOPS ). There are strict escrow requirements in place to ensure that all resources are used as efficiently as possible to help the people of Nicaragua.

The project will run for 30 years, including a grace period of five years.