Investment in Ceara - region first to receive credit line access
Date added: 11th November, 2008 at 09:54 (view all articles from November, 2008)
Categories: Economy, Fortaleza
The state of Ceara in North East Brazil will be the first to benefit from a new $500 million (£320 million) credit line made available to the country by the Inter-American Development Bank (IDB), it has been reported.
According to the organisation, the conditional credit will go towards helping Brazilian states to boost their tax infrastructure, including the modernisation and improved integration of asset management and fiscal systems.
Of the $500 million, Ceara will receive $41 million, to be spent on improving digital technology within the goods transportation sector.
According to IDB spokesman Marcio Cracel, "the loan will help Ceara improve the efficiency and transparency of its fiscal management".
He added: "The state will increase revenue, enhance the quality of public spending and provide better services to its citizens."
The IDB is headquartered in Washington DC, but the majority (50.02 per cent) of its shares are owned by countries in Latin America, including Brazil.
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