Brazilian city of Fortaleza to receive $57.9 million for urban transportation program



IDB financing to promote sustainable urban mobility in Brazil’s most densely populated city

16 October 2014 – Brasilia, Brazil – The Inter-American Development Bank (IDB) has announced the approval of a $57.9 million loan for the northeastern Brazilian city of Fortaleza’s urban transportation program.

With 2.45 million people, Fortaleza is Brazil’s fifth largest city. It is also the country’s most densely populated urban area. Its public transportation system, which carries 1 million passengers a day, receives poor ratings for its slow and disorderly services.

141016-pmwj28-fortaleza-IMAGEThe project will help improve management of the public transportation system as well as upgrade the infrastructure and landscape areas surrounding targeted corridors. A total of 11 kilometers of priority lanes for buses and 22 kilometers of bike lanes will be built.

Other goals of the project are to reduce traffic accidents and motor vehicle emissions.

The new loan is for 25 years, with a 5.5-year grace period and an interest rate based on LIBOR. Local counterpart funds for the program will total $57.9 million.

For more about this program, go to http://www.iadb.org/en/projects/project-description-title,1303.html?id=BR-L1333

For more about IDB projects in Brazil, visit http://www.iadb.org/en/countries/brazil/brazil-and-the-idb,1002.html

Established in 1959, the Inter-American Development Bank (IDB) is a source of multilateral financing for sustainable economic, social and institutional development programs and projects throughout Latin America and the Caribbean. More information about the IDB is at http://www.iadb.org/. For more about IDB projects, visit http://www.iadb.org/en/projects/projects,1229.html.

Source: Inter-American Development Bank