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IDB approves $62.5 million to help preserve urban historical and cultural sites in Brazil

The Inter-American Development Bank today announced the approval of a $62.5 million loan to Brazil to help preserve urban historical and cultural sites , improving their management and developing a preservation strategy and priorities.

The resources will be used to finance investments in restoration and improvements of the sites and surrounding infrastructure, strengthen and modernize the Instituto do Patrimônio Histórico e Artístico Nacional*, and promote economic activities in the project areas, mobilizing support for heritage enhancement from the private sector, nongovernment organizations, and residents. A strategy and a list of heritage site priorities will be developed.

In addition, the program will finance the training of artisans in restoration techniques and the training of instructors, as well as educational projects to inform the population about the importance of its historic and artistic heritage and its care and its use.

Several urban historic monuments and sites throughout Brazil will be improved by the project, which will be carried out by the Ministry of Culture.*

Early investments are expected to be made at project sites at Ouro Preto, Olinda and Recife, and Rio de Janeiro.

`The IDB loan is for a 20-year term, with a five-year grace period, at the variable interest rate, now 6.84 percent. Local counterpart funds total $62.5 million.

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