São José borrows to pay off another loan

nsctotal.com.br (Portuguese)

The São José city government in Santa Catarina, Brazil, will take out a new loan to pay off an existing one. This is to fund the Barreiros waterfront project. The new loan, worth R$250 million from Banco do Brasil, will cover the US$10.8 million counterpart for a US$43.2 million loan from Fonplata. The Union guarantees the Fonplata loan. The city government also plans to use the new loan for other works. A municipal decree to control expenses has been in effect since June 17th.


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São José borrows to pay off another loan | News Minimalist