Ciudad Sandino, Managua, Nicaragua
Ciuadad Sandino is a city just outside of the capital of Managua, Nicaragua. This new urban area, termed Nueva Vida of Sandino was created to give the people living their hope after the terrible tragedy of Hurricane Mitch. In 1998, Hurricane Mitch tore through the area, decimating the homes of thousands of families.
Nicaragua has a high amount of unemployment and the third lowest per capita income in the Western Hemisphere. Distribution of income is one of the most unequal on the globe. While the country has progressed toward macroeconomic stability in the past few years, GDP annual growth has been far too low to meet the country's needs, forcing the country to rely on international economic assistance to meet fiscal and debt financing obligations.
Nicaragua qualified in early 2004 for some $4.5 billion in foreign debt reduction under the Heavily Indebted Poor Countries (HIPC) initiative and in November 2006 obtained over $800 million in debt relief from the Inter-American Development Bank. In October 2005, Nicaragua ratified the US-Central America Free Trade Agreement (CAFTA), which will provide an opportunity for Nicaragua to attract investment, create jobs, and deepen economic development. Energy shortages, however, are a serious bottleneck to growth. (CIA Factbook 19 June 2007)