RIO DE JANEIRO, July 21 (NNN-PRENSA LATINA) – The New Development Bank (NDB) will lend Brazil one billion U.S. dollars, to neutralise the economic impact of the COVID-19 pandemic, bringing total loans to Brazil to four billion dollars, the institution said on Monday.
The funds will be given to the Brazilian government’s emergency aid payment programme, designed to help millions of low-income people.
“NDB financing is an important tool for the Brazilian government, to ensure a robust fiscal response to fight the pandemic and allow priority investments to be made, thus supporting the economic recovery,” the NDB said in a statement.
The NDB was established by Brazil, Russia, India, China and South Africa, to mobilise resources for infrastructure and sustainable development projects, in the five countries and other emerging economies and developing countries.
