Mexico Receives Climate Change Loans

Mexico will receive $1.1bn in loans from the World Bank and the IDB. The loans will carry a variable rate based on Libor, according to the Secretaria de Hacienda y Credito Publico. The financing package consists of loans from the World Bank for a combined $700m and one from the IDB for the remaining $400m. Both carry an undisclosed floating rate based on Libor. The first World Bank loan, for $400m, has an amortization period of 14 years, the second, for $250m, has a 12-year amortization, while a $50m concessional loan to a clean technology fund has an undisclosed interest rate and amortization period. The $400m loan from the IDB has a 20-year amortization schedule with a 5-year grace period and an interest rate based on Libor.