Brazil Municipalities Get IDB Support

The IDB has approved a $150m loan to finance the second phase of a multi-phase federal government program that seeks to help the country’s 5,564 municipalities better integrate their tax systems and modernize their administrative, tax, financial, and revenue management. The USD-denominated loan matures in 20 years and has 6-year grace and disbursement periods. The interest rate is based on Libor.