BRICS’s New Development Bank to provide Brazil with one billion USD loan to fight economic impact of COVID-19

With an aim to aid Brazil fight the economic impact of the COVID-19 pandemic, the New Development Bank (NDB) will lend Brazil one billion U.S. dollars. The announcement came on July 20.

The latest loan has brought the total loans to Brazil to four billion dollars, the New Development Bank (NDB) said. The funds will be given to the Brazilian Government’s emergency aid payment programme which has been designed to help millions of low-income people.

In a statement, the New Development Bank (NDB) said, “NDB financing is an important tool for the Brazilian government, to ensure a robust fiscal response to fight the pandemic and allow priority investments to be made, thus supporting the economic recovery.”

Brazil is the second-worst hit country by the coronavirus pandemic.

The New Development Bank (NDB) was established by Brazil, Russia, India, China and South Africa, to mobilise resources for infrastructure and sustainable development projects, in the five countries and other emerging economies and developing countries.

It has provided its member states with great assistance in the wake of the coronavirus pandemic that has affected the globe in the adverse.

Photo Credit : https://commons.wikimedia.org/wiki/File:NDB-HQ-LOGO.jpg

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