Brazilian Cities Get Extra Loans from Inter-American Development Bank

    The opening session of the 47th Annual Meeting of the Inter-American Development Bank (IADB), in Belo Horizonte, Minas Gerais, Brazil, on March 29, was marked by good news for Brazilian municipalities.

    The Brazilian minister of Planning, Paulo Bernardo, and the president of the IADB, Luiz Alberto Moreno, from Colombia, announced a new credit line, totaling US$ 450 million, for municipalities to invest in infrastructure projects.

    Another good piece of news, according to the minister, is that the loans will be in local currency, that is, the value of the contracts signed by the municipal governments will be in Brazilian reais.

    For this to happen, he explained, the studies are already well along, and the innovation reflects the good performance of the Brazilian economy. According to the bank’s president, "the Brazilian economy has always represented an example for other Latin American countries."

    Minister Bernardes went on to say that the program, known as Pro-Cities, will give mayors another option in terms of financing projects such as ones in the area of basic sanitation. The money for the municipal governments that are selected is expected to become available in six months.

    The annual meeting of the IADB will run through April 6 and has drawn around 13 thousand delegates from the 47 countries associated with the institution, which was established 47 years ago to finance development projects in Latin America.

    Agência Brasil


    • Show Comments (0)

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.


    You May Also Like

    Indy 500: Brazil All Over

    Gil de Ferran, Hélio Castroneves and Tony Kanaan complete unprecedented 1-2-3 sweep, marking a ...

    Main campus of Brazil's Universidade de São Paulo (USP)

    Brazil Tightens the Noose on Colleges’ Freedom of Expression

    The sentencing of two students from the University of São Paulo (USP) to prison ...


    By Her name is Michelly Fernanda Machri and she is 20 years old. But ...

    The Economist's covers

    Brazil, a Giant with Too Much Fat and Too Little Muscle

    Brazil, the largest economy in Latin America, is in dire need of structural reforms ...

    Brazilian belly dancers

    A Brazilian Approach to Belly Dancing Clothing

    Five years ago, ballet dancer and belly dance teacher Adriana Almeida was looking for ...

    Bus set on fire by organized crime in São Paulo, Brazil

    Enough Already of Pretending Brazil Doesn’t Need a Revolution

    Enough already of all the cruelty. Of bus passengers burned alive, of young people ...

    Forecast Still On: Brazil’s GDP to Grow 3.4% This Year

    In its March Conjunctural Bulletin, published Wednesday, March 8, Brazil’s Institute of Applied Economic ...

    Brazilian Jean Charles de Menezes killed by London police

    Family of Brazilian Killed in London Says Justice Punished Car Not the Driver

    The family of Jean Charles de Menezes is only partially satisfied with the guilty ...

    Brazil Resigned to Corruption Image

    Brazil’s Minister of the Federal Controller-General’s Office (CGU), Waldir Pires, declared, in a note ...

    Brazilian Judge Explains Anti-US Measure

    Since the first of the year, Americans arriving in São Paulo are being photographed ...