Brazilian city of Fortaleza to receive $57.9 million loan for urban transportation
IDB financing to promote sustainable urban mobility in Brazil’s most densely populated city
The Inter-American Development Bank (IDB) 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.
The 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.
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