New Development Bank and Banco do Brasil signed Memorandum of Understanding establishing framework for cooperation
On June 28, 2021, the New Development Bank (NDB) and Banco do Brasil S.A. entered into a Memorandum of Understanding (MoU) and established a framework for cooperation and promotion of initiatives in areas of common interest. The Memorandum was signed by Mr. Marcos Troyjo, NDB President and Mr. Fausto de Andrade Ribeiro, CEO of Banco do Brasil at an online ceremony during the launch of the “Plano Safra” 2021/2022 by Banco do Brasil.
According to the Memorandum, NDB and Banco do Brasil intend to cooperate in line with their respective mandates, policies and strategies, in areas such as joint participation in financial assistance for infrastructure and sustainable development projects; exploring cooperation opportunities in financial market businesses, including currency exchange, bond issuance, investment, and derivatives; cooperation in cash management and settlement services; exchange of information and promotion of knowledge-sharing; as well as providing mutual training and development of staff.
“It is an honor for the New Development Bank to sign today a partnership memorandum with Banco do Brasil, “said Mr. Marcos Troyjo, NDB President. “As one of the main players in the infrastructure sector in Brazil, and with extensive experience with public and private clients, Banco do Brasil has the potential to be an instrumental partner in directing NDB’s resources towards the country’s infrastructure and sustainable development.”
According to Mr. Fausto Ribeiro, CEO of Banco do Brasil, “this Memorandum of Understanding demonstrates the support of agribusiness by Banco do Brasil, promoting the constant expansion and modernization of this segment so crucial for Brazil’s economy.”
New Development Bank
The NDB was established by Brazil, Russia, India, China and South Africa to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development. According to the NDB’s General Strategy, sustainable infrastructure development is at the core of the Bank’s operational strategy for 2017-2021.
Banco do Brasil
In the 212 years of existence, Banco do Brasil is a financial, economic conglomerate that offers solutions and services of excellence in its diverse areas of expertise.
Banco do Brasil was the first banking institution to operate in the country and the first company listed on the stock exchange in Brazil. It is a company recognized by its credibility, security, and modern approach.
Banco do Brasil balances consistent results with a commitment to sustainability and the most advanced corporate governance practices. It has also been acting at the forefront of technology, accelerating its digital transformation and innovation process to deliver the best experience for its customers.
As the principal agent of the country’s economic and social development, and public policies, Banco do Brasil supports agribusiness, infrastructure, small and mid-size enterprises, and foreign exchange, acting responsibly to promote social inclusion in jobs and income generation.
In May of this year, Banco do Brasil reached the historical mark of R$ 200 billion in credit for the Agribusiness sector. Consolidating its leadership in this segment, it is responsible for around 54% of all rural credit available in the Brazilian financial system.