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Nicaragua seeks $300 mln IADB loan due to crisis

MANAGUA, Feb 26 (Reuters) - The Inter-American Development Bank (IADB) will consider Nicaragua’s request for a $300 million loan to help it weather the global economic crisis, Nicaraguan President Daniel Ortega said on Thursday.

The members of the IADB board of governors from Central America and the Dominican Republic are due to meet next Thursday in Managua to commemorate the 50th anniversary of the bank’s founding.

“We are facing the gravest economic crisis that humanity has ever faced,” said Ortega, a former Marxist guerrilla who ruled Nicaragua in the 1980s and was voted back into power in late 2006 for his left-wing Sandinista party.

“Developed countries, which are injecting financing into their economies, have an obligation to inject financing into the economies of those countries that have no responsibility for causing this crisis.”

Nicaragua’s economy is being hit hard by the recession in the United States, which buys 30 percent of Nicaragua’s exports. Ortega said the government would revise down its projections for economic growth due to the downturn in the export sector. (Reporting by Ivan Castro; Writing by Robert Campbell; Editing by Diane Craft)