LA PAZ, July 17 (Xinhua) -- The Development Bank of Latin America (CAF) has approved seven loans worth 785 million U.S. dollars for five countries, with Bolivia to receive 77 million dollars, said the Bolivian government on Tuesday.
Bolivian Economy and Public Finance Minister Mario Alberto Guillen Suarez participated in the CAF International Conference and the 163 CAF Board of Directors Meeting, held in Madrid, Spain, titled "Infrastructure for the Integration of Latin America."
"The loan of 77 million U.S. dollars for Bolivia will serve to support the fifth phase of the More Investment for Water (My Water) program. The objective of this program is to guarantee the food sovereignty of the country and reduce poverty, increase agricultural production and productivity and improve the lives of the population," said the minister in an interview with state radio.
Bolivia has become a country known for successfully carrying out social, economic and production policies, said Guillen.
Last May, the executive president of CAF, Luis Carranza, announced that due to the success of Bolivia's My Water and My Irrigation programs, they would be replicated in other Latin American nations.
According to Guillen, the resources that CAF will provide will go towards potable water and sanitation projects, to include infrastructure, environmental relief measures and community development efforts.
The investment will also help strengthen labor skills for the operation and maintenance of the infrastructure and will contribute to the empowerment of women in their communities.
The seven loans were approved for Argentina, Brazil, Colombia, Ecuador and Bolivia, and there will also be a post-project phase to scrutinize the quality and sustainability of the investments.
The program's implementation will reach 335 towns in Bolivia, contributing to 2,139 water and sanitary projects, and 965 micro irrigation projects.