Brazil partners with AIIB; expects US$350 million from new Asian bank

Brazil has now access to a new source of multilateral resources as full partner of the Asian Infrastructure Investment Bank (AIIB).

RIO DE JANEIRO, BRAZIL - The membership agreement was signed by President Jair Bolsonaro on Friday, September 17. Brazil contributed US$1 million to the bank's capital, and in return expects loans of up to US$350 million.

"Brazil has strengthened its partnership network and diversified financing sources for the national private sector," says the Ministry of Economy's Secretary of International Economic Affairs Erivaldo Gomes.

"This is the lowest cost in history for Brazil's participation in a multilateral development bank: with about R$5 (US$1) million, we will have access to almost R$2 billion in credit . . .

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