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Brazil: Hydroelectric Projects (PPAR)
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The Carajas Project, approved in August 1982 and involving a loan of US$304.5 million, was the second Bank-supported operation for iron ore mining activities in Brazil. It also followed two operations for aluminum production and five loans for expansion of the domestic steel industry. However, it was the Bank’s first operation in support of the state-owned Rio Doce Valley Company (CVRD). Brazil’s Show MoreThe Carajas Project, approved in August 1982 and involving a loan of US$304.5 million, was the second Bank-supported operation for iron ore mining activities in Brazil. It also followed two operations for aluminum production and five loans for expansion of the domestic steel industry. However, it was the Bank’s first operation in support of the state-owned Rio Doce Valley Company (CVRD). Brazil’s foremost iron ore producer and exporter. At the time it was approved, the Carajas operation was the Bank’s largest single loan to Brazil and one of the largest made by the institution anywhere in the world. The Bank loan nevertheless, corresponded to less than 7% of total project cost, which was estimated at appraisal to be on the order of US$4.5 billion. The operation also received considerable external financing from Japanese, European and American lenders, as well as from Brazilian sources other than CVRD, for which the Bank’s positive appraisal played a major role.
IFC’s Blended Finance Operations: Findings from a cluster of Project Performance Assessment Reports (PPARs)
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This evaluation provides lessons that could inform IFC’s approach to the deployment of the blended finance instrument.This evaluation provides lessons that could inform IFC’s approach to the deployment of the blended finance instrument.