The Brazilian Development Bank (BNDES) has raised R$1 billion to expand financing for sustainable projects in Brazil, including initiatives focused on expanding renewable energy. The funds were obtained from the ICO (Instituto de Crédito Oficial), a development bank linked to the Spanish government.
According to BNDES, the funds will be used to support projects with environmental and climate benefits, such as reducing greenhouse gas emissions, generating renewable energy, improving energy efficiency, and developing sustainable infrastructure.
Nelson Barbosa, Director of Planning and Institutional Relations at BNDES, explained that the proceeds from the operation will be incorporated into the bank's investment budget and used in the financing lines already offered to clients.
According to ICO President Manuel Illueca, the operation strengthens financial cooperation between Brazil and Spain and expands opportunities to support projects aimed at transitioning to a low-carbon economy.
ICO is Spain's national development bank and is linked to the country's Ministry of Economy, Trade and Enterprise. According to the institution, the group has already mobilized more than 2,9 billion euros and supported more than 600 projects in different markets, including Latin America and the Caribbean, the United States, Turkey and North Africa.
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