Rio De Janeiro Secures First World Bank Loan

The World Bank has approved a loan worth USD1.04 billion to finance education and health projects and programs for the speedy delivery of social services in low income areas in Rio de Janeiro, Brazil.

The Rio de Janeiro Municipality Fiscal Consolidation for Efficiency and Growth Development Program is the first World Bank loan for the city and the biggest credit line offered directly by a donor to a municipality anywhere in the world, according to a press release.

Meanwhile, the World Bank committed a total of USD17.9 billion for countries in Latin America and the Caribbean in fiscal 2010, a small increase from the USD17.1 billion in 2009, with Mexico, Brazil, and Colombia being the largest borrowers.

The bank’s funding priorities are projects in the sectors of transportation, public administration and health and social services.

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    Chiden Balmes

    Chiden, a correspondent based in Seoul, focuses on computer-assisted reporting to provide international development professionals with practical business and career information. He also contributes to the Development Newswire and the Global Development Briefing, two of the world's highest-circulation development publications.