WORLD BANK APPROVES LOAN FOR BRAZIL RAILWAY
The World Bank said it approved a 100
mln dlr loan to help Brazil finance the rehabilitation of the
railway in Sao Paulo state and establish an institutional
reform program as a base for future commercial operation.
    The 285 mln dlr project is designed to financially
rehabilitate the railway -- the primarily state-owned Ferrovia
Paulista, S.A. -- and improve transport on the lines leading to
the city of Sao Paulo and the port of Santos.
    The loan is for 14 years, including 3-1/2 years of grace,
and carries a variable interest rate, currently 7.92 pct,
linked to the bank's cost of borrowing.
 Reuter
