BNDES Signs $2.89 Billion Deal with AIIB

(Reuters) – Brazilian development bank BNDES announced on Monday the signing of a deal with the Asian Infrastructure Investment Bank (AIIB) for an investment of 16.7 billion reais ($2.89 billion) in Brazil.

The deal, finalized during the G20 summit in Rio de Janeiro, aims to fund projects that align with Brazil's climate initiatives and government strategies to stimulate economic growth.

BNDES stated that investments should promote economic integration between Brazil and Asia, focusing on sectors such as transport infrastructure, energy connectivity, and sanitation.

Additionally, this cooperation seeks to attract private capital for infrastructure developments.

BNDES President Aloizio Mercadante remarked, "The memorandum signed with AIIB demonstrates that BNDES has resumed its mission of promoting economic and social development. It showcases our capacity to diversify funding and seek critical international partners for financing sustainable infrastructure projects that benefit both Brazil and Asia."

($1 = 5.7737 reais)