Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

Banco do Brasil and World Bank ready cooperation on $400 million for Amazon recovery

Published 09/19/2023, 01:42 PM
Updated 09/19/2023, 01:47 PM
© Reuters. FILE PHOTO: The Banco do Brasil logo is seen outside a bank office in Sao Paulo, Brazil August 9, 2018. REUTERS/Paulo Whitaker/File Photo
BBAS3
-

BRASILIA (Reuters) - Brazilian state-run Banco do Brasil and the World Bank signed a memorandum of understanding on Tuesday on a $400 million credit line for sustainable agriculture and the restoration of degraded areas in the Amazon (NASDAQ:AMZN) region.

The agreement follows a joint announcement last year of a $500 million project to expand sustainable finance and enhance the private sector's ability to access carbon credit markets.

"This $400 million agreement is Banco do Brasil's second collaboration with the World Bank and will provide resources for sustainable agriculture, the restoration of degraded areas and the bioeconomy," said Francisco Lassalvia, Chief Wholesale Officer at Banco do Brasil.

The World Bank, in a separate statement that did not mention the value of the proposed credit line, said both institutions have agreed to cooperate in identifying sustainable solutions for Brazil's bioeconomy, forest and land restoration.

They would also examine sustainable, low-carbon agriculture, especially in the Amazon and Cerrado biomes, it said.

"These efforts aim to support, among others, Brazil's national plan to combat deforestation in the Amazon," said the World Bank.

© Reuters. FILE PHOTO: The Banco do Brasil logo is seen outside a bank office in Sao Paulo, Brazil August 9, 2018. REUTERS/Paulo Whitaker/File Photo

Under the leadership of President Luiz Inacio Lula da Silva, Brazil aims to position itself as a leader in green development, attracting investments with a broad ecological transformation plan including a regulated carbon credit market and the issuance of its first sustainable sovereign bonds.

Brazil is also expected to announce revised climate targets this week, building on Lula's efforts to restore the country's environmental stewardship after soaring deforestation of the Amazon rainforest under former President Jair Bolsonaro.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.