Brazil Gets IDB Loan

The IDB has approved a $28.6m loan to Brazil to help modernize the country’s federal government improve the quality and management of public expenditure. The Brazilian government will provide $20.4m in counterpart funds to help finance the program. The loan, from the bank’s ordinary capital, will be disbursed over a 4-year period. It is for a 20-year term, including a 4-year grace period, and carries a variable interest rate based on Libor.