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Brazil's BDMG gets €100M credit line from European Investment Bank

Banco de Desenvolvimento de Minas Gerais SA President Sérgio Gusmão Suchodolski signed an agreement for a €100 million credit line from the European Investment Bank, Valor Econômico reported.

The funding, which will be the largest given to the development bank, will be used to support companies working on sustainable energy generation in the Brazilian state of Minas Gerais.

The credit line will also be used for the issuance of green bonds and funding clean energy projects. As of 2018, the bank granted a total of 1.28 million Brazilian reais in loans.

As of Oct. 21, US$1 was equivalent to 4.14 Brazilian reais.