WBank Approves Loans for Brazil

The World Bank has approved two loans for Brazil that together are worth $117.5m. The first loan, for $71.5m, will go to the state of Espirito Santo. The funds will be used to improve water quality and distribution. This loan has a maturity of 30 years and a grace period of three years. The second facility, for $46.0m, will go to the state of Ceara. The funds will be used to promote development by improving urban infrastructure and enhancing regional management capacity. It has a maturity period of 25 years and a grace period of 10 years. Both have interest rates over Libor.