IDB loans Suriname US$ 12 mil for water projects, donates US$ 400,000 for disaster management

PARAMARIBO, Suriname–The InterAmerican Development Bank (IDB) is loaning Suriname US$ 12 million for projects aimed at improving the provision of drinking water. The Bank is also donating US$ 400,000 for the strengthening of the local disaster management organizations. Finance Minister Wonnie Boedhoe signed the agreements to this effect on Thursday afternoon, with IDB President Luis Alberto Moreno.

The US$ 12 million loan should be paid back in 25 years, at 1.5 percent interest. IDB granted Suriname a five-year grace period, after which the country should start paying the bank back.

“Having the President of the IDB here, a mere six months after our Government took office, constitutes a very important moment. It is reassuring for us to know that the international financial industry backs our programs,” Boedhoe told journalists.

Moreno said a new era has begun. “This is a new relationship, during which we want to pay ample attention to execution. That never got the desired attention, so much remained written on paper, unexecuted. Suriname now has the opportunity to improve its project management,” the Bank President said.

With the Suriname visit, Moreno wrapped up on a three-country Caribbean tour that took him to Trinidad & Tobago and Barbados as well. On Tuesday he put his signature under two loan agreements with the Barbados government, totaling US$40 million, to support initiatives that will bring significant economic benefits to the Caribbean island through sustainable energy and more effective coastal zone management.