The Inter-American Development Bank recently announced the approval of four loans totaling $378 million. The financing includes:
Two loans to Brazil totaling $140 million to help complete the second stage of a planned expansion of the electrical transmission and distribution system in the state of Bahia. The loans include one for $115 million at a variable interest rate and another for $25 million at a 3 percent annual interest rate.
A $130 million loan to Chile to help finance a broad credit program in agriculture, fisheries, mining and industrial products. The three-year project will provide financing for fixed capital as well as working capital for private enterprises in these industries.
A $108 million loan to help build a bauxite mine in central Venezuela. The loan will cover one-third of the costs of the estimated $360 million project, which will include extracting and crushing the ore, and building a transportation system, a port and a town to house staff personnel. Asian Development Bank
The Manila-based Asian Development Bank has approved three loans totaling $167 million to Korea. The agreements include:
A $32 million loan for a district heating project in southern Seoul that is designed to use waste heat from an existing thermal power plant through a network of hot-water pipelines. The project is expected to benefit about 805 buildings and 39,000 households.
A $35 million loan for the third sewage treatment project to be implemented in Incheon. The project -- to upgrade an existing sewage system and construct a treatment plant in one of the city's most industrialized and populated areas -- is expected to benefit 500,000 people and alleviate pollution of coastal waters.
A $100 million loan to the Korean Long Term Credit Bank, a leading financer of private-sector development projects. The proceeds of the loan will be lent to industrial enterprises.
The loans carry an annual interest rate of 9.65 percent and have repayment periods ranging from 15 to 25 years with grace periods from three to five years.