Multisectoral program to benefit cities in the state that act as regional development hubs
Brazil’s state of Ceará will receive a loan for $66.5 million from the Inter-American Development Bank (IDB) to enable cities that act as regional development hubs and with population above 20,000 people to improve their fiscal and institutional capacity, infrastructure, and business environment.
The multisectoral program will finance the construction of markets, community centers, roads and regional highways that provide access to major cities, as well as create systems for solid waste management, and promote urban renewal.
The program will also include the following:
"The project was designed to take a holistic approach for addressing the main shortcomings of these important development hubs, and thereby contributing to the implementation of the state’s regional development policy," said IDB project team leader Huascar Eguino. Cities included in the program are Russas, Morada Nova, Limoeiro do Norte, Sobral, Forquilha, Massapê, Santana do Acaraú, Aracati, Jaguaribe, Jaguaruana, and Tabuleiro do Norte.
The IDB financing has a term of 20 years, a grace period of five years, and an interest rate based on LIBOR. Counterpart funding by the state totals $40.1 million. The program’s total cost is $106.6 million. It will be implemented by the state’s Secretariat of Cities.