The Nicaraguan dictatorship guided this Monday, February 27, the modification regarding the interest commission established in a loan contract with the Central American Bank for Economic Integration (CABEI) for the “sanitation of Lake Managua on the southern shore” .
“By Modifying Loan Contract No. 2283 (Adendum I), the Central American Bank for Economic Integration authorized the modification of Loan Contract No. 2283 signed on November 12, 2021, in relation to “Interest”, “Commissions and Other Charges” specifically the section commission or charge for administrative expenses of technical cooperation and in the addition of the additional condition precedent to the first disbursement, among others, however, this modification does not increase or decrease the total amount of the loan contract”, refers to the publication in La Gaceta.
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The modification of the loan contract was signed on January 23 and 27 by the Vice Minister of the Ministry of Finance and Public Credit, respectively, for a total amount of 150.55 million dollars. Of the total established, 44.35 million dollars are ordinary CABEI resources, and 106.2 million dollars are external resources from the German bank KFW that will be channeled by CABEI.
The Ortega-Murillo regime affirms that the resources will be used for the Lake Managua Sanitation Program on the South Shore, whose executing agency is the state-owned Nicaraguan Sanitary Aqueduct and Sewer Company (Enacal).
In just five years, the money disbursed by CABEI to Nicaragua has increased by more than 18%, according to an investigation by the independent observatory Urnas Abiertas. The organization criticizes that the bank’s loans have not stopped despite the international isolation of the Ortega Murillo dictatorship, but that they have increased since 2018, the year of the sociopolitical crisis in April.
Through Dante Mossi, CABEI has assured that they will continue to support the Nicaraguan regime for the development of the country, however analysts and opponents point out that the only objective is to contribute to the repression in the country.
In addition, he said that the institution he represents is not the one that receives complaints about human rights violations, a situation that international human rights organizations have denounced since they consider that these funds could be used to maintain the repression. Due to his condescending attitude towards the Managua dictator, he has earned the nickname “dictator’s banker”.
