Santa Catarina seeks IBRD loan

Santa Catarina seeks IBRD loan

Loans Politics Economy & Policy Brazil US

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.

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