Nicaragua and the World Bank (original) (raw)

Nicaragua first entered into the World Bank when it signed the IBRD Articles of Agreement in 1946 along with other Latin American countries such as El Salvador and Panama. In 1951, Nicaragua took its first loan from the World Bank in the form of the Highway Project. The goal of the Highway Project was to finance the construction of 266 kilometers of paved roads in order to facilitate the economic growth of Nicaragua. The creation of reliable roads helped open up new sections of land to agricultural development in Nicaragua. The Nicaraguan Revolution from 1979 to 1990 led to troubles with the World Bank as in 1984, Nicaragua became the first country to go into nonaccrual status with the IBRD. An onset of debt issues during the Nicaraguan Revolution led to a nonaccrual status with the IBRD a