The European Investment Bank (EIB) and Banco de Desenvolvimento de Minas Gerais (BDMG) are strengthening an existing partnership to support a series of climate action projects in Brazil, involving solar photovoltaic, small-scale hydropower and renewables.
The partnership also announced an additional €20 million ($23 million) loan for small and medium enterprises (SMEs) in Brazil.
The initiatives were announced at the U.N. Climate Change Conference COP 26, the annual meeting of global leaders and climate action experts.
“Supporting sustainable recovery within the current COVID-19 pandemic context is a major objective within the E.U. and its member states,” said Ignacio Ybáñez Rubio, E.U. ambassador to Brazil. “We are also convinced that the role of the private sector, especially SMEs, is key for assuring a smooth and effective transition towards the recovery path.”
