Brazil’s state of Mato Grosso received a USD56.3 million loan from the Inter-American Development Bank to strengthen its fiscal sustainability and improve the efficiency of public spending, the multilateral organization announced today in a public statement.

The loan, part of the USD900 million PROFISCO II program rolled out in 2017 to support the digital transformation and modernization of fiscal management in Brazilian states and the Federal District, has a repayment period of 25 years, a grace period of 5.5 years, and an interest rate based on the LIBOR, according to the statement.

The project aims to modernize fiscal management, taxation, and public expenditure in Mato Grosso, the IDB said. The IDB loan will also finance the modernization of Mato Grosso’s technological infrastructure and measures to increase the state treasury’s public transparency, including the creation of web tools to improve communication with society and a transparency portal.