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World Bank approves a $1.3 billion loan to Brazil

Latest update : 2009-03-05

The World Bank's board of directors say they will support Brazil's ongoing efforts to improve its environmental management system by providing a $1.3 billion loan. Around $800 million dollars will be disbursed immediately and $500 million in 2010.

AFP - The World Bank said Thursday it has approved 1.3 billion dollars for environmental and climate projects in Brazil, focused on fighting deterioration of the Amazon rain forest and renewable energy sources.

The World Bank said its board of directors approved Thursday the 1.3 billion dollar loan to the Brazilian government of President Luiz Inacio Lula da Silva in support of pro-environment efforts.

The program is aimed at "supporting Brazil’s ongoing efforts to improve its environmental management system and integrate sustainability concerns in the development agenda of key sectors such as forest management, water and renewable energy," the Washington-based development lender said in a statement. The initiative also was intended to integrate the South American giant's climate change agenda across sectors, it said.

The loan will be disbursed in two installments: 800 million dollars immediately and 500 million dollars on condition the program meets evaluation criteria through 2010.

"This will promote the sustainable management of agricultural lands, forests and water resources; reduce deforestation in the Amazon; reduce the environmental degradation of land, water and other resources which are key determinants of the well-being of the poor; and promote renewable energy," the 185-nation institution said.

Date created : 2009-03-05