Sao Paulo Gets IDB Loan

The IDB has approved a $162.5m loan for the Brazilian state of Sao Paulo to finance conservation and restoration of the 315,000-hectare Serra do Mar State Park, the Jureia-Itatins Ecological Station and marine and coastal conservation units. The 25-year loan, denominated in USD, has 4-year grace and disbursement periods and a Libor-based interest rate. The IDB loan will cover 34.5% of the cost of the project while the state will cover the remainder, the bank says.