Media Contacts: Stevan Jackson + 1 (202) 458-5054 sjackson@worldbank.org; Maria Teresa Norori (505)-270-0000 ext. 436 mnorori@worldbank.org Washington, DC, March 6, 2008 – The World Bank’s Board of Directors approved today a $17 million zero-interest credit to Nicaragua to support the sustainable recovery of the communities affected by Hurricane Felix in the North Atlantic Autonomous Region (RAAN) of Nicaragua. “This project will help the Government rebuild communities the North Atlantic region of Nicaragua in the aftermath of hurricane Felix,” said Laura Frigenti, World Bank Director for Central America. “In the coming months, each step taken will be crucial to rebuild what was lost, sothe Bank is working closely with local communities in this effort,” Frigenti added. The Nicaragua Hurricane Felix Emergency Recovery project will focus on: 1) supporting the implementation of critical rehabilitation; 2) help to improve the recovery of the small scale fisheries sector; 3) reconstruction of housing and social infrastructure; and 4) assisting to improve institutional strengthening for project management coordination. Agriculture and fisheries, two key economic sectors in the region, were badly affected. Fishing, although a a small scale activity, is the primary income for coastal communities in the area, contributing upwards 78 percent of total production in the region. The storm seriously disrupted extensive marine areas, uprooting mangroves and destroying entire fishing villages, causing the displacement of at least 2,100 fishermen and 3,500 people associated with fisheries “The Bank will support in particular the recovery of the small scale fisheries sector to restore incomes of fishermen and to foster economic development,” said Joseph Owen, World Bank Country Manager for Nicaragua. On September 4, 2007, a category-5 hurricane named Felix made landfall 51 kilometers north of RAAN’s capital Bilwi (Puerto Cabezas). The basic life of many communities was disrupted by Felix as it destroyed over 10,000 houses and blew the roofs off an additional 9,000. At the same time, Felix badly damaged or destroyed hundreds of public buildings and other infrastructure including schools. This $17 million Emergency NicaraguaHurricane Felix Emergency Recovery Credit funded by the International Development Association (IDA) has a reimbursement period of 40 years with a 10-year grace period. -###- For more information on the World Bank’s work in Nicaragua, visit: www.worldbank.org/ni |
RSS