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World Bank to loan Brazil $200 million for green urban development

The World Bank has approved a $200 million loan that will be used to support a sustainable urban development strategy in the Municipality of Belo Horizonte, South East of Brazil.

The $200 million loan will be used to support urgently needed urban development strategies that will address social exclusion and create an effective and long-term sustainable governance to benefit over 500,000 residents in the municipality.

Though the municipality has seen economic growth and an improvement in municipal services, the number of informal settlements has increased. With over 2.4 million inhabitants living in a 331.4-km2 area, land use is less than optimal and there has been inequality in land distribution.

“In the past years, Belo Horizonte has experienced increased economic growth, attracting a lot of workers to the city. However, despite our efforts to deliver better services, we have observed an increase of irregular housing,” said the Mayor of municipality Marcio Lacerda.

The $200 million loan will be used to strengthen land management and planning; improve capacity in mitigation of climate change and green development as well as climate change adaptation through disaster risk management; improve living conditions; strengthen urban governance; and strengthen long-term fiscal sustainability.

“This partnership will be essential to increase the quality of life of the low income population and to promote sustainable and environmental friendly urban development,” Mr. Lacerda explained. – EcoSeed Staff

Source: http://www.ecoseed.org/low-carbon/16622-world-bank-to-loan-brazil-200-million-for-green-urban-development

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