RIO DE JANEIRO (Reuters) – The New Advancement Bank of the “BRICS” group of leading emerging economies will provide Brazil $1 billion to assist fight the financial damage from the COVID-19 crisis, the institution stated on Monday.
The funds will be allocated to the federal government’s emergency help payment program, which the NDB estimates could benefit 5 million informal employees, low-income families and jobless people.
” NDB funding is an essential tool for the Brazilian federal government to ensure a robust fiscal action to combat the pandemic and allow priority investments to be made, hence supporting the financial healing,” the NDB said in a declaration.
According to the bank, set up by Brazil, Russia, India, China and South Africa, this will be on top of funding from other multilateral banks and global development companies such as The World Bank and Inter-American Advancement Bank, bringing total loans to Brazil to $4 billion.
Reporting by Rodrigo Viga Gaierd; editing by Jonathan Oatis; Composing by Jamie McGeever
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