Ceara Bags IDB Funds

The IDB has approved a $45m loan to help improve living conditions and social integration of children, adolescents, and young people at social risk and their families in the Brazilian state of Ceara. The funds will also contribute to advance municipal and state management capacity, particularly in the social field. The loan is for a 25-year term, with a 5-year grace period, and carries a variable Libor-based interest rate. The total cost of the project is $64.3m, with $19.3m to be provided in local counterpart funds. Separately, the IFC has approved a $25m 5-year loan to Brazilian bank Bicbanco to help it extend credit to small and medium-sized health and education providers. The financing is an interbank CD with a 2-year grace period, the IFC says.