WB Provides Brazil Funds

The World Bank has approved a $1.3bn loan to Brazil to help the country improve its environmental management system. The loan will be disbursed in 2 tranches, one for $800m and the other for $500m. They both have a maturity period of 30 years, a grace period of 5.5 years and are basis Libor. The bank says it is in talks to extend another loan to Brazil, but that amounts or terms have not been set.