The IDB in 2007 agreed to extend total debt relief to the five poorest countries in Latin America and the Caribbean-- Bolivia, Haiti, Honduras, Guyana, and Nicaragua-- as part of a worldwide, multilateral program to ease the financial burden on countries with the least ability to pay.
The expanded IDB debt relief program, cumulatively for $4.4 billion for the five countries, extends relief to Haiti and deepens debt relief already provided over a period of years since 1997 under the Heavily Indebted Poor Countries (HIPC) initiative and the Enhanced HIPC initiative to Bolivia, Honduras, Guyana and Nicaragua.
The Bank is financing the cost of debt relief by drawing on internal resources, which are being supplemented by contributions from both borrowing and nonborrowing member countries.
In 2010 and in response to the earthquake, the IDB approved an additional $479 million in debt relief to cancel Haiti's obligations accrued since 2005.
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