|Mexico Secures $500M Loan for Housing Projects|
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July 20, 2010
The Inter-American Development Bank (IDB) provided $500 million in loans to Mexico for housing projects, Reuters reported.
The bank said in a statement that the money, as part of a conditional credit line of $2.5 billion the IDB approved for Mexico in 2008, will be invested in building sustainable houses with low greenhouse gas emissions.
Meanwhile, the credit will be used to support Mexico's mortgage market to lighten the housing delay and aid the poor.
The 25-year loan, with a 5-year grace period, has an interest rate based on the London Interbank Offered Rate (LIBOR), said the bank.