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IDB approves $10 million to modernize customs and fiscal services in Nicaragua

The Inter-American Development Bank today announced the approval of a $10 million soft loan to Nicaragua to strengthen the country’s fiscal and customs systems.

The resources will support the establishment of a Tax Administration and a Customs Service Administration, each with greater technical and professional capacity than the previous system.

The modernization project is expected to result in more efficient and modern adminstrations, a reduction in tax evasion, and greater government revenue flows. Services will be decentralized, and more modern information technology systems installed. Existing customs buildings will be remodeled to speed up procedures and the flow of merchandize.

The IDB loan from the Fund for Special Operations is for a 40-year term, with a 10-year grace period, at the annual interest rate of 1 percent during the grace period and 2 percent thereafter.

Local counterpart funds total $2.5 million.

The project will be carried out by the Finance Ministry.*

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