The Inter-American Development Bank (IDB) approved $50 million to help Chile fix up historic neighborhoods and build better infrastructure for both locals and migrants, according to an announcement. The money includes a $45 million loan and a $5 million grant specifically for countries dealing with large migration flows. Chile has seen one of the biggest waves of migrants in Latin America over the past 10 years.
Many of Chile’s historic neighborhoods need repairs and better planning to handle growing populations. The program will help local governments improve their planning skills and coordinate better between different agencies. It will also fund community projects that help locals and migrants work together.
The IDB program will fix heritage buildings and create safer public spaces in 18 neighborhoods across Chile. The work will consider migration patterns, environmental issues, security concerns, and social needs when planning new infrastructure. Local governments will get training on how to manage these complex projects and include different community voices in decision-making.
Over 124,000 residents and business owners will directly benefit from the program, including nearly 21,000 migrants. The IDB expects the improvements to indirectly help more than 4.1 million people who live or work in these areas. The program will fund community projects that bring locals and migrants together while also creating jobs and business opportunities.
This is Chile’s second project using the IDB’s special migration grant program, showing the country’s commitment to inclusive urban policies. The $45 million loan has a 25-year repayment period with a 5.5-year grace period.
