WASHINGTON, D.C., June 23, 2022 - The Executive Board of the World Bank (WB) today approved a loan that will strengthen the response to the COVID-19 crisis in Nicaragua. This project will allow the population, particularly the most vulnerable, to benefit from essential medicines, vaccines, and medical and laboratory supplies and equipment during the current national response to the pandemic, and will prepare the country for events of this nature in the future.
Funded by the International Development Association (IDA), the World Bank's fund for the poorest countries, the project will be implemented through the United Nations Office for Project Services (UNOPS). Also, through the Pan-American Health Organization (PAHO) vaccines will be procured using alternatives that will benefit the country in terms of quality and cost. The World Bank's fiduciary policies and guidelines will govern the use and flow of Bank funds to ensure that they achieve their objective of benefiting the Nicaraguan people.
The operation complies with the current environmental and social policies of the Bank, known as Safeguard Policies, which identify, avoid and minimize damage to people and the environment.
The $US116 million loan from the "Additional Financing Project for the Response to COVID-19 in Nicaragua," which is part of the Bank's global action against COVID-19, has an execution period until June 2025. loan has a maturity of 30 years and a grace period of 5 years.
World Bank Group Response to COVID-19
From April 2020 to March 2022, the World Bank Group committed over $200 billion to public and private sector clients to fight the health, economic, and social impacts of the COVID-19 pandemic, the fastest and largest crisis response in its history. The financing is helping developing countries strengthen pandemic preparedness, protect the poor and jobs, and jump start a climate-friendly recovery. The Bank is also supporting over 70 low- and middle-income countries, more than half of which are in Africa, with the purchase and deployment of COVID-19 vaccines.
Learn more about the World Bank’s work in Latin America and the Caribbean:
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