The Board of the Inter-American Development Bank (IDB) approved this Wednesday, July 28, 2021, a loan to Ecuador for USD 300 million. The Government reported that the amount will be used for the delivery of the Human Development Bond.
With the delivery of the voucher, says the Ministry of Economy, “it will be possible to ensure minimum levels of income to 1 million Ecuadorian families in a situation of poverty or vulnerability in the face of the economic crisis caused by COVID-19.”
“The financial support that Ecuador is receiving from multilateral organizations, such as the IDB, demonstrates credibility towards the government’s social policy and confidence in the economic management of the country,” he said.
The loan has a 23-year term, a 7.5-year grace period and an interest rate based on Libor. The Minister of Economy, Simón Cueva, recalled that, within the Government’s economic plan, there is the support of multilateral organizations.
The IDB will provide technical assistance to the Ministry of Economic and Social Inclusion to guarantee the effectiveness of the Human Development Bond.
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