IDB May Divert, Fast-Track Chile Funds to Boost Quake Relief

The Inter-American Development Bank plans to allocate up to USD460 million to help fund reconstruction work following the magnitude 8.8 earthquake that hit Chile on Feb. 27, IDB President Luis Alberto Moreno said during the inauguration of Chile’s new president, Sebastian Pinera, on March 11.

Moreno, who is visiting the country for the first time since the quake, explained IDB can redirect to reconstruction work some USD260 million worth of funds that have bee approved but not disbursed yet for current IDB projects in Chile. Jaime Sujoy, the bank’s representative in Chile, added that the bank can fast-track the approval of some USD200 million worth of proposed project loans to support the recovery and reconstruction project in the country.

About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.