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BRICS bank lends 1 billion USD loan to Brazil to mitigate coronavirus impact

Christian Fernsby ▼ | July 21, 2020
The New Development Bank (NDB) will lend Brazil 1 billion U.S. dollars to neutralize the economic impact of the coronavirus pandemic, bringing total loans to Brazil to 4 billion dollars, the institution said.
New Development Bank
BRICS   New Development Bank
The funds will be given to the Brazilian government's emergency aid payment program, designed to help millions of low-income people.

Topics: BRICS

"NDB financing is an important tool for the Brazilian government to ensure a robust fiscal response to fight the pandemic and allow priority investments to be made, thus supporting the economic recovery," the NDB said in a statement.

The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in the five countries and other emerging economies and developing countries.