FONPLATA will fund works to improve urban development and mobility in Sorocaba, Brazil
The Development Bank approved a USD 16 million funding for the “Urban Development and Mobility Program of Sorocaba”, in the Brazilian State of São Paulo, to carry out road and drainage works, aiming at reducing the impact of floods and carbon emissions. This operation is part of a cofinancing agreement with the New Development Bank (NDB), under which both institutions will provide a total of USD 56 million in funding for the development of the city.
The Program, implemented by the Municipal Government of Sorocaba, totals USD 20 million, 80% of which will be funded by FONPLATA – Development Bank and 20% will be locally funded.
The main purpose of the project is to improve basic infrastructure services to enhance the quality of life of its population and contribute to the city’s sustainable development by restructuring the internal and intermunicipal road network, the construction of new bike paths, and drainage works.
These improvements will reduce public and private transportation mobility time, increase road safety, prevent flooding, and reduce carbon emissions into the environment. These actions contribute to reach two of the 2030 Sustainable Development Goals (SDG): Sustainable Cities and Communities (SDG-11) and Climate Action (SDG-13).
Sorocaba is an important industrial hub in Brazil. Its nodal location, economic growth, and the consequent increase in population caused a notable urban infrastructure deficit, generating problems mainly related to urban mobility, the storm drainage system, and the lack of public spaces.