IDB Lends $2bn to Mexico

The IDB has approved a $2bn credit line for Mexico to help it reduce poverty levels. An initial loan of $200m within the conditional credit line for investment projects will be provided. It is for a 25-year term with a 2-year grace period, at an adjustable interest rate based on Libor. Mexico’s Sedesol will carry out the program through the national Oportunidades coordination board. This operation is the third to Mexico for Oportunidades since it was launched in 1997. Two previous IDB loans totaled $2.2bn, says the bank.