SAO PAULO (Reuters) – The Inter-American Development Bank and Brazilian state-run lender Banco do Brasil said on Thursday they had signed a letter of intent to create a $250 million credit line to fund sustainable development in the country’s Amazon rainforest.
The figure will be allocated to finance companies and rural producers from the rainforest’s bioeconomy, the banks said in a joint statement, adding that the resources will come from IDB and the Green Climate Fund.
The partnership also intends to fund renewable energy projects and improve access for urban, rural and forest areas in the Amazon, prioritizing isolated locations.
Earlier this week, the Brazilian lender and the World Bank signed a memorandum of understanding on a $400 million line for sustainable agriculture and the restoration of degraded areas in the Amazon region.
(Reporting by Patricia Vilas Boas; Editing by Jan Harvey)
