IDB Lends in Pesos

The Inter-American Development Bank completed its first Mexican peso loan under a new local currency option agreed with state-owned development bank Banobras for a program supporting government decentralization. The disbursement of 202.3 million pesos (equivalent to $19.1 million) came from a $300 million loan approved in 2001 for the first phase of a nine-year decentralization program.