BRICS Bank confirms $1 billion loan for Brazil
The funds approved by Dilma Rousseff’s leadership will be used in economic recovery projects
The BRICS Bank, also known as the New Development Bank, announced the signing of a loan agreement with Brazil in the amount of $ 1 billion (about 5 billion reals). According to the statement, the main goal is to assist the country in its economic recovery. The agreement was signed in Marrakech (Morocco), where the director of the financial institution Dilma Rousseff and Brazilian Finance Minister Fernando Haddadtook part, as reported by Brasil247, a partner of TV BRICS.
The loan granted is part of the emergency access to loans program for Brazil, which underscores the importance of this agreement for a state in problematic economic conditions. Brazil has previously received a total of $6 billion in loans from the BRICS bank in recent years, intended for projects of various levels. The largest amount of US$ 1.2 billion was allocated to finance sustainable infrastructure projects through the National Bank for Economic and Social Development (Banco Nacional de Desenvolvimento Economico e Social, BNDES).
The main objective of the new BRICS development bank is to finance infrastructure and sustainable development projects in the BRICS member States, as well as in developing countries.
The announcement of this loan agreement is another step in the partnership between Brazil and the BRICS countries, emphasizing the importance of external financial support for the country’s economic recovery. By receiving these resources, Brazil seeks to strengthen its infrastructure and promote sustainable development in accordance with the goals of the BRICS Bank.
Photo: Brasil 247