Ser funds distance learning with IFC loan

Ser funds distance learning with IFC loan

Loans Debt Brazil United States Technology Coronavirus

Brazilian for-profit education group Ser Educacional said it signed a seven-year loan for BRL200 million ($39.6 million) from the International Finance Corporation (IFC) to fund investments in distance learning platforms during the COVID-19 pandemic. Recife-based Ser will pay the DI interbank lending rate plus 2.55% on the first tranche for BRL165 million and receive a second tranche for BRL35 million "with an interest rate defined according to market conditions at the time of disbursement," it

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