IADB agrees $1bn financing for Brazil's digital transformation
The Inter-American Development Bank has approved a credit line of up to $1 billion to help Brazil push forward its digital transformation agenda through more and better connectivity, the adoption of new technologies by the private sector, digital talent building, and the modernization and improvement of public services.
The financing is part of a conditional credit line for investment projects that will be made available through three different resource allocation channels: federal government agencies, subnational governments, and national or regional development banks.
Ceará will be the first state to benefit from the, with a $28 million loan under the Digital Government agenda aimed at implementing the digitalization of the Judiciary Branch of government, increasing its efficiency and user satisfaction. This program will help improve service delivery productivity and management effectiveness of the State of Ceará Court of Justice.
The IADB loans associated with the credit line are for a 25-year term, with a 5.5-year grace period and an interest rate based on LIBOR. The State of Ceará will provide an additional $7 million in local counterpart funding.
