November 27, 2019
The Santa Catarina state government is seeking legislative approval to borrow $345 million from the International Bank for Reconstruction and Development (IBRD).
The government will use the money to pay off a loan it received from Bank of America in December 2012, according to a bill presented to the state assembly.
"The cost and conditions [of the IBRD loan] should be more favorable than the cost and conditions in the contract with Bank of America," the state finance secretary said in the bill.
State government wants to pay back Bank of America with money from the World Bank