Latin America to get $90 bn from multilateral lenders
AFP/Press Trust of India / Washington Apr 23, 2009, 09:59 IST
Multilateral lenders will step up with $90 billion in loans for Latin America in the next two years, a joint statement said, in a bid to stem the global economic slowdown.
The World Bank, the Inter-American Development Bank and other multilateral lenders will provide Latin America with financing as the region feels the impact of curbed growth in the United States, Europe and China.
The World Bank is slated to be Latin America's single biggest lender, providing $35.6 billion to the region - parts of which have been hit hard by the global economic slowdown.
The Inter-American Development Bank will lend $29.5 billion, and the Andean Development Corporation - known by its Spanish acronym CAF - will provide $20 billion, the statement said.
In addition, the Central American Bank for Economic Integration will provide $4.2 billion in financing, and the Caribbean Development Bank will provide a further $500 million.
After much talk that Latin American markets had developed enough to insulate themselves against a downturn in the United States, many countries in the region are now seeing their previously robust growth cut back.
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