25 March 2009: The World Bank approved a US$1.3 billion Development Policy Loan to help Brazil attain sustainable development goals linked to economic growth from Amazon sustainable development to climate change, as well as the water sector.
The project will address climate change concerns at both the inter-sectoral level and within targeted sectors (natural resources, water, sanitation and energy). The loan is one of the largest environment-focused loans ever made and the first time in the Bank’s history that a project has been broadened to include existing programmes in various sectors to improve overall project implementation. It includes a commitment by the Brazilian Development Bank (BNDES), which issues more than US$40 billion in loans per year, to operate under new environmental safeguards and criteria. [World Bank Press Release]