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World Bank Preparing $485 Million in Brazil Flood Aid

20 January 2011 04:27 (UTC +04:00)

Baku â€“ APA. The World Bank says it is preparing to lend Brazil $485 million in emergency relief after flooding and mudslides devastated parts of the country, APA reports quoting â€œThe Voice of Americaâ€.

The World Bank’s Brazil director, Makhtar Diop, said Tuesday the bank hopes to approve the first portion of the loan "in the coming weeks." He said the initial piece would be worth $290 million.

The Brazilian government last week allocated $460 million in aid.

Ffficials said Tuesday the disaster’s death toll is now more than 700.

Rescue crews, including military helicopters, continue to try to reach residents after heavy rains sent an avalanche of mud, water and rocks plowing through towns and villages.