12/02/2021 | Press release | Distributed by Public on 12/03/2021 18:55
The Inter-American Development Bank (IDB) approved an $80 million loan to finance drinking water, sanitary, and storm sewer projects in the urban area of Manaus, located in the Brazilian state of Amazonas. The operation will also fund initiatives in the areas of family resettlement, urbanization, roads, digital transformation, and gender and diversity inclusion.
The loan will support the implementation of the Social and Environmental Program of Manaus and the Interior (PROSAMIN). The state of Amazonas will contribute $34.3 million to the project for a total of $114.3 million.
The program seeks to improve socioeconomic and health conditions for the population residing in the Igarapé do Quarenta sub-basin, in the industrial area of Manaus. The initiative will benefit nearly 6,000 residents with new or improved connections to drinking water, as well as 28,000 residents with new or improved sanitary sewerage services. Nearly 19,000 of these beneficiaries will also experiment a reduction in their environmental vulnerability through either new storm sewers or relocation to flood risk free areas.
To achieve this goal, the program will fund projects to expand public services and urban development infrastructure, resettle families to lower vulnerability areas, and rehabilitate critical infrastructure with intensive use of labor. The operation will also fund professional training to improve socio-environmental management, inclusion, and gender diversity, as well as to improve and expand digital services. In addition, the program will provide support for management, auditing, evaluation, and monitoring of the program's execution and results.
This operation is aligned with the IDB Group's Vision 2025, which prioritizes social inclusion and equality, productivity and innovation, economic integration, and resilience to climate change.
The IDB loan has a disbursement period of 5 years, a 25-year amortization period, a 5.5-year grace period, and an interest rate based on LIBOR.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.