Conference of the Parties (COP28): European Investment Bank to co-finance climate action projects with the Brazilian Development Bank, BNDES

Conference of the Parties (COP28): European Investment Bank to co-finance climate action projects with the Brazilian Development Bank, BNDES

European Investment Bank (EIB) (EIB.org) Vice-President Ambroise Fayolle and President of the Brazilian Development Bank (BNDES) Aloizio Mercadante signed a memorandum of understanding today at COP28 in Dubai, to explore co-financing opportunities in the renewable energy, environment and social sectors in Brazil, including in the Amazon region. The memorandum of understanding will strengthen coordination between the two institutions to promote joint activities and ensure that their work is complementary and cohesive. EIB and BNDES are also discussing a possible credit line of up to €300 million with a focus on the water and sewerage sectors. The EIB is the world’s largest international public bank and a leading financier of climate action projects around the world. BNDES, for its part, is a long-standing partner for renewable energy in Brazil and currently the leading financier of renewable energy in the world. The memorandum of understanding will enable the EIB and BNDES to cooperate and exchange experience to further support clean energy investment, promote renewable energy in Brazil and develop the Amazon region. For the EIB, this memorandum of understanding is part of the European Union’s Global Gateway initiative (https://apo-opa.co/4a4E7YA) supporting projects that improve global and regional connectivity in the digital, climate, transport,