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, health, energy and education sectors.
EIB Vice-President Ambroise Fayolle said: “The European Investment Bank recognises the potential of building on its collaboration with BNDES. Together we will explore how the EU climate bank can play a role in supporting Brazil in its energy transition and in decarbonising its energy, industry and transport sectors, all while strengthening energy security in the years ahead. The cooperation with BNDES builds on the EIB’s global climate engagement and our support for climate action in Brazil over the last three decades.”
President of BNDES Aloizio Mercadante said: “This cooperation with the EIB, considering European Union’s relevant expertise, is an opportunity to enhance BNDES’s recognised path in fostering renewable energy to boost potential new sectors in Brazil, such as the batteries market and green hydrogen, and further explore the vast opportunities of solar photovoltaic energy. This collaboration may promote the expansion and diversification of the Brazilian clean energy matrix, which is key in promoting green reindustrialisation for the country. The MoU may also open a new stage in strengthening the partnership between the EIB and BNDES via future co-financing operations in Brazil, including for sustainable development, preservation and combating deforestation in Brazil’s Amazon region.”
EIB at COP28
Find an overview of EIB activities at COP28 on our website (https://apo-opa.co/4a4T78H). The EIB has a pavilion in the side event area of the blue zone and is running a series of events on numerous topics. You will find the full agenda here (https://apo-opa.co/47GPjZI). You are welcome to join to watch the sessions either live or later at your convenience. In addition, the EIB shares a pavilion with the group of multilateral development banks (MDBs). You will find the full agenda here (https://apo-opa.co/3RBYkhr).
Distributed by APO Group on behalf of European Investment Bank (EIB).
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The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
- In 2019, the EIB’s energy lending policy was adopted to end financing to any unabated fossil fuel energy projects, including natural gas — the first multilateral development bank to do so.
- In 2021, the EIB became the first MDB to align our financial activities with the Paris Agreement.
- With its Climate Bank Roadmap (https://apo-opa.co/414n7h9) the EIB Group aims to support €1 trillion of investment in climate action and environmental sustainability through the critical decade, 2021-2030.
- The EIB has committed to increase investment in climate action and environmental sustainability to more than 50% of annual EIB lending by 2025 — last year that was exceeded with 58%.
EIB Global (https://apo-opa.co/47I8thS) is the EIB Group’s specialised arm dedicated to operations outside the European Union, and a key partner of the EU’s Global Gateway (https://apo-opa.co/4a4E7YA) strategy. We aim to support at least €100 billion of investment by the end of 2027, around one-third of the overall target of Global Gateway. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to local communities, companies and institutions through our offices across the world (https://apo-opa.co/3GoLVXH).
BNDES is one of the world’s largest development banks and the Federal Government’s main instrument for long-term financing and investment in all segments of the Brazilian economy. BNDES supports entrepreneurs of all sizes, including individuals, by financing investments, underwriting securities, providing guarantees, and granting non-refundable funds. The support of the institution focuses on positive social, environmental, and economic impact, always taking into consideration the potential to generate jobs, income, and social inclusion for Brazil. Encouraging innovation, regional development, and social and environmental development are BNDES’ priorities. During periods of crisis, BNDES has an essential anticyclical role and assists in the structuring of solutions for recovering economic growth. BNDES is here to support Brazil’s development where necessary.
About EIB Global in Brazil:
The EIB is the largest multilateral public bank in the world and financed around €10.8 billion in investments outside the European Union in 2022 via EIB Global (https://apo-opa.co/47I8thS), the arm of the EIB created in 2022 for activities outside the European Union. Brazil is the biggest beneficiary of EIB financing in Latin America. Since the EU bank started working there in 1997, it has provided over €5.4 billion to finance investments with favourable conditions — in terms of both maturity and interest rates — aimed at improving the quality of life of Brazilians. Brazil represents around 40% of the EIB’s portfolio in Latin America.
About EIB Global in Latin America:
EIB Global has been providing economic support for projects in Latin America since 2022, facilitating long-term investment with favourable conditions and providing the technical support needed to ensure that these projects deliver positive social, economic and environmental results. Since the EIB began operating in Latin America in 1993, it has provided total financing of around €13 billion to support more than 150 projects in 15 countries in the region.
About the Global Gateway initiative:
EIB Global is a key partner in the implementation of the European Union’s Global Gateway (https://apo-opa.co/3Nd1jdz) initiative, supporting sound projects that improve global and regional connectivity in the digital, climate, transport, health, energy and education sectors. Investing in connectivity is at the very heart of what EIB Global does, building on the Bank’s 65 years of experience in this domain. Alongside our partners, fellow EU institutions and EU Member States we aim to support investment of €100 billion, around one-third of the overall envelope of the initiative, by the end of 2027, including in Brazil and Latin America.