Banco do Brasil signs US$300 million agreement with BRICS bank for agribusiness sector

RIO DE JANEIRO, BRAZIL – Banco do Brasil (BB) signed an agreement Monday with the New Development Bank (NDB), as the bank of the BRICS (Brazil, Russia, India, China and South Africa) is called, to raise funds abroad to release amounts for investment in Brazilian agriculture.

“We will sign a partnership with the NDB for long-term funds that can reach up to R$1.5 billion (US$300 million), for the construction of silos and warehouses, irrigation, and renewable energy,” said BB President Fausto Ribeiro, during a ceremony on the bank’s performance in Plano Safra.

“We will bring more money to Plano Safra [harvest plan] by offering attractive conditions for producers to expand storage…this will bring more competitiveness to the agricultural industry,” he said.

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