Bolivia´s senate sanctioned World Bank loans to strengthen disaster risk reduction and climate change adaptation

Bolivia´s senate sanctioned on the 7th may 2015 a contract loan for 200 million US$ dollars  with the World Bank ( WB) which will go to disaster risk reduction and adaptation to climate change. According to World Bank sources only middle-income countries can access this type of financing.

 

For the first time , Bolivia as a middle income country, will have access not only to credit that gave the International Development Association (IDA), but to the first opperation of the International Bank for Reconstruction and Development (IBRD) in the country.

 

The resources will finance a program to promote a new standard with regards to risk reduction. The program has three components: (1) strengthening disaster risk reduction and adaptation to climate change; (2) improving institutional coordination for handling and emergency response, and (3) the diminished fiscal impact and increase of the financial capacity of Bolivia against natural disasters.

 

The total project cost will be 200 million US$ dolar. 100 million US$ from the International Development Association (IDA ) and the remaining 100 million US$ from the International Bank for Reconstruction and Development (IBRD), both subsidiaries of the World Bank. The Ministry of Development Planning (MPD spanish acronym) will be responsible for monitoring and compliance of the project policy matrix performance indicators, and the Ministry of Economy and Public Finance the administrative entity of the project resources .

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