en.Wedoany.com Reported - The Brazilian Development Bank (BNDES) has raised R$1 billion to expand financing for sustainable projects in Brazil, including initiatives such as renewable energy. The funds come from the Spanish Official Credit Institute (ICO).

BNDES stated that the funds will be directed to projects with environmental and climate benefits, including greenhouse gas emission reductions, renewable energy generation, energy efficiency improvements, and sustainable infrastructure development.

Nelson Barbosa, BNDES Director of Planning and Institutional Relations, explained that the funds will be incorporated into the bank's investment budget and used for financing lines already offered to clients.

ICO Chairman Manuel Illueca noted that this operation strengthens financial cooperation between Brazil and Spain and expands opportunities to support projects aimed at transitioning to a low-carbon economy.

The ICO is Spain's national promotional bank, under the country's Ministry of Economy, Trade, and Business. The institution stated that the group has mobilized over €2.9 billion in markets such as Latin America and the Caribbean, the United States, Turkey, and North Africa, supporting more than 600 projects.

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