Nicaragua Receives US$20m from the Inter-American Development Bank as Housing Improvement Loan

2011-10-27

The Nicaragua Congress on October 18, 2011, passed the agreement with the Inter-America Development Bank for the $20m loans to housing improvement projects. The fund will subsidize the repair and maintenance of private housing, the improvement of community roads, infrastructure and utilities facilities. Each subsidy will be equivalent to three times of minimum monthly wages. The program is available only to land owners. According to the loan agreement, the Nicaragua government will also chip in $29m. As the recent floods seriously damaged private residential units over the past months, this loan program will benefit the reconstruction.