Brazil to receive 621 million USD investment from BRICS bankChristian Fernsby ▼ |
LatAm The bank approved four Brazilian projects on renewable
Brazil will receive an investment of 621 million U.S. dollars from the New Development Bank (NDB), the Institute for Applied Economic Research (Ipea) says.
The bank has approved 30 projects from 2016 to 2018, amounting to 8.1 billion dollars. Almost a third of the amount is allocated to the transportation sector, and 26 percent at renewable energy projects, according to Ipea.
As one of NDB's five founding members, Brazil has thus far invested 1 billion dollars in the bank and should double its contribution by 2022.
The NDB, known as the BRICS Development Bank, was established in 2015 by the BRICS countries (Brazil, Russia, India, China and South Africa) to be a new source of financing in infrastructure and sustainable development projects, for both BRICS members and other developing countries. ■
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