IDB greenlights US$21mn for Montevideo drainage

- Thursday, November 24, 2011

IDB greenlights US$21mn for Montevideo drainage

IDB has approved a US$20.5mn loan to improve urban drainage infrastructure in Uruguay's capital, Montevideo, aimed at protecting the city from environmental degradation and flooding caused by wastewater and stormwater.

The loan will fund construction of stormwater drainage, including flood buffer ponds, pipelines to increase spillway capacity and complementary structures to serve the neighborhoods of Krüger, Jacinto Vera and Lezica.

Additionally, water and sanitation works will be carried out in the Cerro Industrial technology park, according to an IDB statement.

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The work is expected to benefit some 4,500 people.

IDB's 25-year loan has a four-year grace period and Libor-based variable interest rate. The local government will provide US$10mn in counterpart financing.