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IDB, Brazil, sign letter of intent for $680 million

FORTALEZA, Brazil - Brazil’s Planning Minister Martus Tavares and Inter-American Development Bank President Enrique V. Iglesias today signed letters of intent to carry out programs to be financed by three IDB loans totaling $680 million for poverty reduction and to support small- and medium-size business and microenterprise.

Byron Costa de Queiroz, president of the Banco do Nordeste, also signed the letters of intent for two of the projects, a $150 million loan to strengthen the competitiveness of small and medium-sized enterprises in the Northeast and a $30 million loan to expand credit to microentrepreneurs.

The third loan, for $500 million, will support four programs aimed at building human capital in the least advantaged sectors of society by enhancing the incomes of the poor. These include Bolsa Escola, which provides cash incentives for students to remain in school; Bolsa Alimentaçao, which provides resources for improving nutrition; Agente Jovem, which provides youth development activities; and PETI, or Programa de Erradicação do Trabalho Infantil.

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