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BNDES receives $2.4B from IDB to finance productive, sustainable investments

Banco Nacional de Desenvolvimento Econômico e Social said it is formalizing a credit line agreement with the Inter-American Development Bank that is worth up to $2.40 billion to finance productive and sustainable investments.

The conditional credit line has a 10-year term and will be used to finance private projects aimed at increasing Brazil's productivity in the infrastructure and sustainable energy sectors, in addition to loans for small and medium-sized enterprises, the Brazilian development bank said in a news release.

The first funding operation, reportedly worth $750 million, was recently approved for a sustainable energy financing program that will be guaranteed by the Brazilian government.

The IDB has historically been BNDES' main international creditor, whose partnership began in the 1960s. The two institutions have signed 21 loan agreements amounting to more than $8 billion in financing, BNDES noted.