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MeneameBrazil's Sao Paulo state water utility Sabesp (Bovespa: SBSP3, NYSE: SBS) has signed a US$600mn loan agreement with IDB, a company spokesperson told BNamericas.
"The contract, signed at 12 noon [Sep 3] in Brasilia, entails financing for work on phase III of the Tiete river sanitation project in northern Sao Paulo city," the spokesperson said.
Under the agreement, Sabesp will invest an additional US$200mn in the project with another US$255mn coming from other sources, bringing total investments to US$1.05bn.
Work includes building 580km of main sewers, 1,250km of secondary sewerage pipelines and increasing the area's wastewater treatment capacity by 7.4m3/s.
Phase III of the Tiete project is scheduled for completion in 2016. Work is being managed by a consortium led by the Brazilian subsidiary of Dutch engineering and consulting company Arcadis (Euronext: ARCAD).
Phase I of the project cost US$1.1bn and ran from 1992-98, and the US$500mn second phase took place from 2000-08.
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