The Fiscal Sustainability, Human Development, and Competitiveness Development Policy project, from the Rio de Janeiro state government, is to receive a $485 loan from the World Bank. The Bank’s executive board has approved the loan…which will help to compensate for the impacts of the global crisis on the local economy. .The loan will be used by the state in a program promoting fiscal sustainability, human development and a competitiveness development policy, according to the World Bank. The loan will mature in 29.5 years. Gazeta Mercantil reports that about 44percent of the jobs in Rio de Janeiro are informal. In the state capital, the slums grow three times faster than overall population growth. The loan will also allow the government to “strengthen our plans for the coming years, especially for the 2014 World Cup and 2016 Olympic Games,” Rio de Janeiro Governor Sergio Cabral said (Dow Jones, Gazeta Mercantil)

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