Ceara Gets IDB Money to Fix Roads

Brazil’s state of Ceara is getting a $159m loan from the IDB to improve more than 1,000 kms of roads. The USD denominated loan will mature in 25 years and has a 5-year grace period. The interest rate will be based on Libor. The IDB says it will finance 62% of the total cost of the project while Ceara will finance the remainder.