The Board of Trustees of the Guarantee Fund for Duration of Service approved on Tuesday (12) the increase in loans to states and municipalities within the Acceleration Program Mobility and Urban Transport from US$ 573 millions up to US$ 4,5 bn, said the Minister of Cities, Marcio Fortes. The goal is to modernize the public transport routes and the condition for the 2014 World Cup .
He said an ordinance will be published in the coming days transferring yet another US$ 573 millions for the same purpose, totaling US$ 5,1 bn in assets.
The funds will be invested in exclusive bus lanes, tramways [light rail], monorails and some road works. “It is to link the arenas [stadiums] with ports, airports and roads, and include road works for those who arrive by car in the World Cup cities” said Fortes.
He said the subways are not included in this line of credit because, being more complex works, the time could not be met. “If is not ready in time, it will not be a problem and solution”, he said, explaining that the deadline for completion is 2013, when it will occurs the Confederations Cup.
According to the minister, the states and twelve municipalities which will receive the games of the 2014 World Cup, will have four-year grace period to make the payments and a total term of 20 years to pay them.
The financial agent will be Caixa Economica Federal, which will bear the risk of operations. “The risk is from Caixa, but all they could take the credit has been approved by the National Treasury. They are capable of indebtedness and payment”, said Marcio Fortes.
The interest charged by the funds will be 6% per year, but Caixa may charge a spread of risk, and a rate of return up to 3% per year. Thus, the total interest may be up to 9% a year, informed the minister of Cities.
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