The president of Caixa Economica Federal of Brazil, Jorge Eduardo Levi Mattoso, and the executive vice president of the Inter-American Development Bank, Dennis E. Flannery, today signed a memorandum of understanding that establishes a cooperative framework for the two institutions.
Caixa will offer technical, operational and managerial services to the IDB as necessary for the effective execution and management of loans and technical cooperation for projects that will benefit Brazilian municipalities.
Caixa is the financial agent of the Brazilian federal government for the housing and sanitation sectors, and it compiles information from all the municipalities according to the Brazilian Fiscal Responsibility Law. It will offer the Bank valuable institutional mechanisms to deal with the multiple demands and problems related to the numerous municipalities of Brazil.
The IDB is the leading source of multilateral development lending for Latin America and the Caribbean and is active in financing programs carried out by municipalities.