Brazil in arrears with multilateral banks; 65% of default refer to New Development Bank (NDB)

The country is being charged for not having honored US$446 million in capital contributions to multinational funding institutions, including NDB, the BRICS bank.

RIO DE JANEIRO, BRAZIL - Brazil was granted US$13.3 billion in new funding by multilateral banks and international development agencies in 2020. Concurrently, the country is being charged for delaying the capital contribution of US$446 million, equivalent to 3.3% of that amount, which it committed to make in six institutions.

The value of new credits approved for Brazil with sovereign guarantee reached US$9.15 billion in 2020, an increase of 215% over the previous year, according to data from the institutions' websites. In turn, in operations without sovereign guarantee, made in general by the private sector . . .

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