IDB approves $2 billion credit line for Brazil
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A drone view shows floating houses and boats on the dry bed of the Taruma Acu river, tributary of the Rio Negro river, near Manaus, Amazonas State, Brazil, October 16, 2024. REUTERS/Bruno Kelly/File Photo
(Reuters) -The Inter-American Development Bank (IDB) approved a conditional credit line of $2 billion to strengthen fiscal management in Brazil, it said on Friday.
The funds will go toward modernizing the South American nation's tax management processes and systems, the lender said in a statement, starting with an initial $30 million loan for the state of Amazonas.
(Reporting by Kylie Madry, Editing by Natalia Siniawski)
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