Brazil, Nicaragua Secure IDB Support

The Brazilian city of Fortaleza is getting a $59.4m IDB loan to finance integrated urban-upgrading for neighborhoods located alongside the main rivers. The loan matures in 25 years and has a grace and disbursement period of 5 years. The loan is denominated in USD and its interest rate is based on Libor. Local counterpart funds for the project total $39.60m. Nicaragua, meanwhile, is getting a $43.50m IDB credit line to improve its road system. The credit line consists of a $21.75m supplemental loan from the bank’s ordinary capital for a 30-year term, including a 5.5-year grace period, at a Libor-based interest rate, and a $21.75m credit from the concessional fund for special operations for a 40-year term, 40 years of grace, and 0.25% interest.