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World Bank approves $ 350 million loan for Ecuador
Posted On 05 Apr 2019
Ecuadornews:
A $ 350 million loan to support the Ecuadorian government was approved Thursday by the World Bank’s Board of Executive Directors. This was made known through a statement.
The loan would benefit more than 228 thousand households with minor children and elderly people living in extreme poverty.
The Minister of Economic and Social Inclusion, Berenice Cordero, said that “to improve the efficiency of public spending, the main challenges for the Social Protection Programs in Ecuador are to increase the coverage of the poor population and improve the effectiveness of existing programs for prevent and reduce poverty and promote the development of human capital “.
The project has two components: one aimed at improving the targeting of programs through the improvement of the beneficiary selection mechanism and the provision of services associated with monetary transfers, and another, providing technical assistance to improve the effectiveness of the programs through of monitoring, evaluation and institutional strengthening.
For Alberto Rodríguez, director of the World Bank for Bolivia, Chile, Ecuador and Peru, through the project, the country is among the first nations of the region that manages to link the beneficiaries of social protection networks with labor services.
The project has a closing date of December 30, 2022. The loan will be paid for a term of 30 years, including 9.5 years of grace. (I)
