We are strengthening our dialogue and expanding our support to key economic sectors," said IDB Representative in Paramaribo Marco Nicola, as the bank enters its third year of the 2011-2015 Country Strategy.

 

In 2011, IDB Board of Directors endorsed the 2011-2015 Country Strategy with Suriname, which was followed by an unprecedented allocation of US $300 million, of which US $80 million was specifically for medium-term lending for projects which would modernise the country's financial sector, strengthen its public finances and promote its social protection mechanisms.

 

The bank noted in a release that the partnership continued in 2012; under IDB's sovereign lending programme two policy-based loans totalling US $35 million were facilitated to support structural reforms in the energy sector and public capital expenditure management; US $53.7 million was financed for capital works in education and transport and IDB provided US $1.7 million in grants and technical assistance in agriculture, energy, and social protection.

 

The Inter-American Development Bank's Multilateral Investment Fund (MIF) recorded US $2.7 million in technical assistance for small-scale farming, micro franchising and rural electrification, while IDB's Trade Finance Facilitation Programme formalised a line of credit of up to US $5 million to promote economic growth through trade promotion.

 

Suriname also received US $500,000 through the Compete Caribbean regional initiative to improve competitiveness and private sector development.

 

"All in all promising," said Nicola, "Keeping up, while paying attention to development objectives is important. We have a challenging year and look forward to working with the authorities and the people of Suriname."