$10 Million for Bahia Development

The Inter-American Development Bank approved of a $10 million innovation loan in late June for a program to strengthen business activity in the Brazilian state of Bahia.
The program will promote a new private sector support policy and sustainable practices in firms in 10 targeted areas, including granite and marble (ornamental stones). The program is part of a four-project IDB initiative to foster competitiveness focusing on local clusters, including three other Brazilian states: Minas Gerais, Pernambuco and São Paulo.
The 25-year loan has a three-year grace period and a variable interest rate; local counterpart funds will total $6,667,000.