Bolivia’s House of Representatives has approved two external loans totaling US$163 million to bolster its irrigation and tourism sectors.
Omar Yujra, the Chairman of the Planning, Economic Policy, and Finance Commission, released this information.
The larger loan, amounting to $150 million from the Inter-American Development Bank (IDB), is set to fund water-related projects.
As Yujra explained to Xinhua, this initiative will focus on watershed management, dam construction, and advanced irrigation techniques.
The primary goal is to enhance food security within the country.
“This effort aims to boost agricultural productivity, elevate water-use efficiency in irrigation, and strengthen the governance of water resources nationwide,” Yujra stated.
This project will positively impact over 12,000 rural families by establishing 57 irrigation systems.
Additionally, it will bring 13,871 hectares under irrigation and introduce advanced irrigation methods to 2,774 hectares.
The smaller loan, worth US$13.1 million, comes from the Italian Cooperation.
This fund will support the Cultural and Natural Tourism Development Program, focusing on Bolivia’s central Cochabamba and southwestern Potosí regions.
Yujra mentioned that these projects are designed to alleviate poverty rates and enhance living standards for numerous communities.
“The initiatives will upgrade tourist attractions and heritage sites and solidify the tourist offerings of the Torotoro National Park,” Yujra elaborated.
The Ministry of Planning, on behalf of the State, endorsed the loan.
The Ministry of Productive Development and Plural Economy will oversee its execution.