Wednesday, June 07, 2006

World Bank’s new $1.1 billion loan for Brazil’s Economy

(Source Article: WB approves 1.1 billion for Brazil - Reuters)

Yesterday, the World Bank approved a $1.1 billion loan to Brazil to facilitate improvements of their economy and infrastructure. Particularly, the loan will provide support to Brazil’s fiscal savings program and improve the climate for investing via the reduction of the time and cost of exporting.

The largest part of the loan ($601.5 million) will help finance initiatives to be decided by the country’s treasury. An additional $501.25 million will finance improvements on roads and transportation, while the remaining $37.5 million will help finance a “poverty reduction program in rural areas in the northeastern state of Ceara.”

The World Bank has recently congratulated the South American country for its “blend of mature macroeconomic management and policies...[helping to enhance] social equity”.” Currently, the World Bank helps finance over fifty projects in the country, totaling an $8 billion investment.

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