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Latino Daily News

Tuesday April 5, 2011

UN to Help Bolivia Alleviate Poverty with $8 Million in Loans

UN to Help Bolivia Alleviate Poverty with $8 Million in Loans

Photo: UN and Bolivia

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The United Nations rural development arm has lent Bolivia about $8 million to fund projects to alleviate poverty in two departments, the agency reported today following the signing of a financing agreement with the Government of the South American country.

The UN International Fund for Agricultural Development (IFAD) said the Government will also contribute $4.3 million to the project, with beneficiaries providing approximately $2.9 million in co-financing.

The poverty alleviation undertaking, dubbed “Plan Vida-Peep Pilot Project to Strengthen the Capacity of Communities and Families Living in Extreme Poverty,” will run for three years and will be implemented by Bolivia’s Ministry of Development Planning.

The scheme focuses primarily on poor rural families of Quechua and Aymara origin living in the northern Potosí and southern Cochabamba regions of Bolivia.

More than 53 per cent of project funding will work to improve natural resource management and production systems, 16 per cent will go to community initiatives and 11 per cent is dedicated to strengthening productive infrastructure.

The financing will also work toward strengthening organizations, improving citizens’ rights, monitoring and evaluation, and other operational costs.