NewsWhore
11-12-2009, 05:00 PM
The Inter-American Development Bank has announced the approval of a US$100 million credit for the DR to meet extraordinary expenditures that arise during emergencies caused by hurricanes and earthquakes.
Funds will be managed under the IDB's Contingent Credit Facility for Natural Disaster Emergencies. Resources from the contingency loan will be rapidly disbursed in the event of the occurrence of a hurricane or earthquake of severe or catastrophic intensity.
Such expenditures may include emergency medical equipment, vaccines and medication, facilities and equipment for temporary shelters, food for displaced people and feed for livestock, emergency workers to assist victims or short-term leasing of energy, transportation and communications equipment and facilities.
In parallel to this contingent loan, the IDB has worked with the Dominican government to help it establish a national reserve fund for emergencies and to develop a catastrophic insurance facility.
The loan is for a 20-year term, including a 5-year grace period and a LIBOR-based interest rate.
More... (http://www.dr1.com/index.html#6)
Funds will be managed under the IDB's Contingent Credit Facility for Natural Disaster Emergencies. Resources from the contingency loan will be rapidly disbursed in the event of the occurrence of a hurricane or earthquake of severe or catastrophic intensity.
Such expenditures may include emergency medical equipment, vaccines and medication, facilities and equipment for temporary shelters, food for displaced people and feed for livestock, emergency workers to assist victims or short-term leasing of energy, transportation and communications equipment and facilities.
In parallel to this contingent loan, the IDB has worked with the Dominican government to help it establish a national reserve fund for emergencies and to develop a catastrophic insurance facility.
The loan is for a 20-year term, including a 5-year grace period and a LIBOR-based interest rate.
More... (http://www.dr1.com/index.html#6)