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IADB providing $8B in credit lines

WASHINGTON -- The Inter-American Development Bank is providing $8 billion in credit for Latin American and Caribbean countries for programs to aid the poor who are affected by outside financial events and for emergency needs in natural disasters.

The IADB, which is a major lender for projects in Latin America and the Caribbean, announced two new credit lines Friday. The $6 billion credit line is for programs that aid poor people affected by financial stresses coming from outside their home countries, such as sharp swings in commodity prices and banking crises.

The second line, for $2 billion, is designed to help countries cover urgent needs caused by natural disasters.

Both credit lines will be available for 2012 to 2014.

Twenty-six countries in the region are eligible to borrow from the Washington-based IADB.