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         Brazil: Expanding Opportunities, Enhancing Equity in the State of Pernambuco
                                  Development Policy Loan


                                                 SUMMARY OF DISCUSSION

                                                  Meeting of Executive Directors

                                                               March 22, 2012


        Executive Directors approved the Expanding Opportunities, Enhancing Equity in the
State of Pernambuco Development Policy Loan with the guarantee of the Federative Republic of
Brazil in the amount of US$ 500 million on the payment terms and conditions set out in the
President’s Memorandum (R2012-0037).

       Directors expressed support for this operation, citing its consistency with the priority of
the Brazil Country Partnership Strategy for 2012–2015 to increase support to the poorer states of
the Northeast region of Brazil. The Directors noted the importance of promoting equity and
social inclusion, as well as welcoming the strong focus on gender issues into the State’s
development strategy.

        Directors encouraged continued attention by Staff to policy implementation and
strengthening of the State’s institutional capacity with a view to further enhancing the Loan’s
development impact.




                                                            
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  This summary is not an approved record.