The National Bank for Economic and Social Development (BNDES) and the Vale Foundation have agreed to invest in the public basic education network in Pará, Brazil.

The project is expected to benefit approximately 34,000 students from 275 public schools in the municipalities of Canaã dos Carajás, Curionópolis, Eldorado do Carajás, Marabá, Tucumã, Ourilândia do Norte, Bom Jesus do Tocantins and another eighth municipality still under negotiation, all located in the southeast of the State of Pará. The BRL26.4 million (US$5 million) education network focuses towards:

• improving the quality of literacy in the public school system from the 1st to the 3rd year of elementary school;
• training around 2,600 teachers and school administrators and participating municipalities; and
• producing and making available Specific teaching materials.

The project will receive a non-refundable financial support from the BNDES of BRL13.2 million (US$2.54 million) through its Socio-Environmental Fund, an amount corresponding to 50% of the total investment. The remaining 50% will be contributed by Fundação Vale.