World Bank OKs Highway Funding
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WASHINGTON — The World Bank loaned Brazil $88 million and Venezuela $150 million for highway management programs.
The $224.3-million state highway management project in Brazil is designed to improve the quality of the roads in the states of Alagoas and Santa Catarina. Alagoas received $38 million, while Santa Catarina got $50 million, the World Bank said.
The $840-million Venezuelan project is a nationwide program to rehabilitate and establish a maintenance system for the highway network.
The loans are for 15 years with a five-year grace period. The interest rate, now set at 7.60%, is variable.
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