IDB and Brazilian banks will finance sustainable projects in the Amazon

The Inter-American Development Bank (IDB) will create the Amazonía for All index fund, with the Brazilian banks Banco do Brasil, Caixa Econômica Federal and the National Bank for Economic and Social Development, to finance sustainable projects in the Amazon.

The fund, called Amazonía for All, “will be traded on the Brazilian Stock Exchange for 100 reais (about $18), and the initial estimate is that the ETF will raise between 1,000 and 2,000 million reais (between 180 and 360 million dollars)”, according to close sources.

Ilan Goldfajn, president of the IDB, stressed the importance not only for the region but for the world of the preservation of the Amazon. He added that with the index fund, the investment will be achieved “in sustainable exploitation projects of the Amazon rainforest, which will be selected from now on.”

More details about this initiative are planned to be revealed before the COP16 on Biodiversity, which will take place between October 21 and November 1 in Cali, Colombia.

The IDB president indicated that the idea of ​​creating this fund was presented by the president of the BNDES, Aloizio Mercadante, considering the need for resources to finance the preservation of the biome. “They cannot only be public resources. No matter how hard we try, it won’t work. We need to attract private resources,” he said.

M.Pino

Source: xinhuanet

(Reference image source: Matthias Koch en Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on Twitter and Instagram