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US$ 1.2 Billion for Brazil's Environment
Written by Brazzil Magazine
Wednesday, 25 August 2004
The World Bank will lend Brazil US$ 1.2 billion over the course of four years to execute sustainable development projects. This is the largest sum ever allocated by the Bank anywhere in the world to projects with an environmental focus.
The Brazilian government will not be required to contribute counterpart funds and will have 17 years to repay the debt, with a five-year grace period. The annual interest rate is 4.9 percent.
Besides projects within the domain of the Ministry of Environment, the resources will go to programs administered by the Ministries of Finance, Mines and Energy, Agrarian Development, National Integration, Cities, and Tourism.
The first portion of the loan will amount to US$ 505 million and will be submitted to analysis by the Senate before being credited to Brazil's accounts.
Some of the projects covered by the loan are: the plan for the prevention and control of deforestation in the Amazon, the Sustainable Amazon Plan, and urban planning projects.
Agência Brasil Reporter: Lana Cristina Translator: David Silberstein
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