Rio City Hall receives 700 million reais from the World Bank and resources can help in the recovery of public transport

Published: June 18, 2022

The amount was approved this Thursday (16) by the Board of Directors of the financial institution

ALEXANDRE PELEGI

The City of Rio de Janeiro has officially announced that it will receive a loan in the amount of US$ 135.2 million (approximately R$ 700 million) from the World Bank.

The funds are intended to support fiscal and green reforms in the municipality.

The loan was approved by the World Bank Board of Directors on Thursday, June 16, 2022.

The city government says that the resources are aimed at “improve medium-term fiscal sustainability and accelerate the transition towards resilient, inclusive, low-carbon urban development”.

Part of the resources can be used for public transport in the city, according to the municipal secretary of Finance and Planning, Andrea Senko.

“The funds received will allow the municipality financial strength to face relevant and urgent expenses, such as the public transport area during the process of recovery and economic growth of the city of Rio de Janeiro”said Andrea.

The secretary stated that the financial conditions agreed with the World Bank are extremely advantageous compared to the Brazilian credit market, as it is a multilateral bank.

For Mayor Eduardo Paes, “the fiscal reform package supported by the World Bank will allow the municipality to regain access to reforms to promote investments towards Rio’s environmental, social and economic objectives”.

Alexandre Pelegi, journalist specializing in transport