Suriname Receives a US$30 Million Loan to Revitalize Paramaribo’s Cultural Heritage

Following the success of the Paramaribo Urban Rehabilitation Program (PURP), the Inter-American Development Bank (IDB) has approved a US$30 million loan to support Suriname in continuing its efforts in urban heritage revitalization. PURP II is designed to breathe new life into the cultural heritage of Suriname's capital, Paramaribo, a city rich in history and home to 44% of the country's population.

The loan, which has been approved by the IDB Board of Executive Directors, will continue to help reverse the decay of the city's cultural assets and enhance their value by physically restoring historic buildings, improving the public spaces around them, highlighting their cultural importance, ensuring the UNESCO's World Heritage Status. The program also includes plans to create a national museum.

Additionally, the operation will fund urban planning and coordinated management for the city's world heritage site, boosting institutional cohesion for resilient and sustainable financial management of the site over the long term. Among other measures, the program will support the design of a government agency that will be responsible for managing Paramaribo's heritage.

Paramaribo's historic core developed during the 17th and 18th centuries, and the United Nations Educational, Scientific and Cultural Organization (UNESCO) added it to its list of World Heritage Sites in 2002. This designation recognized its exceptional blend of European and Indigenous South American culture, architecture and building techniques.

The IDB loan has a 25-year repayment term, a 5.5-year grace period and an interest rate based on the Secured Overnight Financing Rate (SOFR).