The World Bank has approved a $100 million loan for El Salvador to help the Central American country improve the reliability and quality of its water supplies as well as prepare for natural disasters.
According to a statement by the World Bank, the loan will mature in 25 years and include a five-year grace period.
The country’s finance minister, Alejandro Zelaya, stated that it is crucial to encourage the wise use of water so as not to affect or risk its availability for future generations.
The financing assistance aims to modernise the country’s water and sewage services, and cover the metropolitan area of the capital that receives water from the Torogoz treatment plant.
The plant supplies water to some 40% of the people living in San Salvador’s metro area, the lender said.
The loan is also set to create an immediate response plan for a natural or human-caused emergency.
The World Bank’s manager for El Salvador and Costa Rica Carine Clert, said “We consider this to be vitally important to work for Salvadoran families exposed to droughts, storms, and floods who suffer continuously from the interruption of their water services.
Clert stressed that improving water infrastructure will particularly benefit women in the country, who are disproportionately caregivers and heads of households.
The announcement comes shortly after the World Bank announced another loan to Panama, intended to support the country’s sustainable growth and climate resilience.
Related posts:
World Bank grants $73 million loan to Morocco to create more jobs in private sector
Nigeria, Egypt seek to improve $100m trade relations
Nigeria, Egypt seek to improve $100m trade relations
Busted: Senate uncovers ‘unapproved’ $100m loan by Okonjo- Iweala
FG gets India’s $100m loan for broadband project
Central Bank adjusts loan limits for banks
China’s central bank unveils loan prime rate reform to lower borrowing costs
Central Bank Of Nigeria awards N253.54 million grants to 5 Researchers under Healthcare Research grant
