IDB considers US$ 460 million loan for Chilean reconstruction

The Inter-American Development Bank (IDB) is considering a US$ 460 million loan to the Chilean government to help with reconstruction work following the February 27 earthquake.

IDB president Luis Alberto Moreno said, "The IDB, at the convenience of President Sebastián Piñera's government, is available to assist Chile overcome this disaster in all areas where we can be of help."

Among the measures the IDB is considering is the reallocation or funds that have been approved but not yet disbursed for IDB projects underway in Chile. These loans total around US$ 260 million, and the bank said another US$ 200 million could be approved quickly.

In addition to the loans, the IDB will send a technical mission to Chile on 22 march to look at other areas where it can help. Coastal reconstruction and restoring services in small municipalities are two areas it has highlighted for possible assistance.