IDB bars Odebrecht unit

IDB bars Odebrecht unit

Loans Project & Infrastructure Finance Regulation Energy Electricity Brazil Venezuela US

The Inter-American Development Bank (IDB) said on Wednesday that it has barred Construtora Norberto Odebrecht (CNO) from participating in projects financed by the multilateral lender for six years. According to the IDB, the Brazilian construction company paid bribes for two projects that received financing from the development bank: the $3.06bn Tocoma hydroelectric power plant in Venezuela and a $240m highway improvement project in the state of São Paulo, Brazil. The bribes amounted to roughly 5

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