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Funding secured for major Brazilian road project

The Inter-American Development Bank has granted Brazil a loan of $1.15bn (£722M) for the construction of a 43km northern section of a ring road around São Paulo.

The total cost of the road, which will complete the 177km Mário Covas Rodoanel beltway, is expected to reach £1.9bn with further funds coming from the federal and state governments.

The road is one of the most important infrastructure projects in the country and the northern section is expected to be completed in November 2014.

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