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Nicaragua and IDB sign $2 millions technical cooperation agreement to reform pension system

MANAGUA, Nicaragua - Representatives of the government of Nicaragua and the Inter-American Development Bank have signed a $2 million technical cooperation agreement to assist the design and implementation of a pension system reform aimed at increasing coverage and benefits in a framework of long-term financial sustainability.

The Multilateral Investment Fund, an independent fund administered by the IDB, will provide a $1.2 million grant, and the government of Nicaragua will provide $800,000 for the project, which will support the drafting of a new pension law and the establishment of a regulatory framework to oversee the new pension system.

The government has been working on pension reform since 1998, with the help of the IDB and other multilateral institutions, to build a sustainable pension system that will meet Nicaragua’s needs in the next century.

The agreement was signed yesterday by Noel Sacasa, minister of Development, Industry, and Commerce, and Martin Stabile, the IDB representative in Nicaragua.

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