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Brazil's government authorized São Paulo state water utility Sabesp to raise up to 611mn reais (US$188mn) via a debentures issue.
The government said it authorized the company to issue bonds as an infrastructure debenture, which count with tax exemption to attract investors.
Sabesp plans to use the funds for projects in 71 cities to reduce loss and theft of water.
Additionally, the company secured a loan from the Japan International Cooperation Agency which will provide part of another 123mn reais to combat water loss.