Economy

Brazil pays off debt with Mercosur infrastructure fund

Overdue payments totaled BRL 500 million

Wellton Máximo – Repórter da Agência Brasil

Published on 20/04/2023 - 10:05

Brasília

Bandeira do Mercosul — © Marcos Oliveira/Agência Senado

The Ministries of Foreign Affairs and Planning and Budget announced on Wednesday (Apr. 19) that Brazil has fully paid off its debt with the Mercosur Structural Convergence Fund (FOCEM), which totaled BRL 500 million.

With the payment of its debts, Brazil can now access resources to finance important projects related to urban infrastructure, security, basic sanitation, and healthcare in Brazilian municipalities located in border regions with other Mercosur countries.

FOCEM was established in 2004 to programs that reduce the infrastructure gap within Mercosur and increase the competitiveness of its , particularly in less developed regions. The fund provides non-reimbursable donations to finance up to 85 percent of the value of projects.

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