Rio, Pernambuco Get IDB Support

The IDB has approved loans for Brazilian cities Rio de Janeiro, which will get $112m, and Pernambuco, which will get $75m. The loans will support the National Tourism Development Program’s efforts to increase employment, revenue, and foreign exchange generated by the sector. The loan for Rio de Janeiro is for a 25 year term, with a 4-year grace period and a variable interest rate based on Libor. The state will provide an additional $75m in local counterpart funding. The credit for Pernambuco is also for a 25 year term, with a 5-year grace period, a Libor-based interest rate and $50m in local counterpart funds.