Collaboration between Brazil’s development bank, BNDES, and the Asian Infrastructure Investment Bank (AIIB) aims to promote economic growth and environmental sustainability in Brazil.

On Monday, BNDES announced a partnership with the AIIB, which presupposes an investment of 16.7 billion reais (about $2.89 billion) in Brazil’s projects?that support sustainable development, focusing on areas like renewable energy, infrastructure, and innovation.

The investments aim to boost economic growth and strengthen Brazil-Asia integration by targeting key sectors such as transport infrastructure, energy connectivity, and sanitation. The collaboration between the two institutions will also facilitate raising private capital for infrastructure projects.

The agreement, aimed at fostering economic growth and sustainability, was finalised during the G20 summit in Rio de Janeiro. The summit takes place on November 18-19 with the participation of global leaders from the 19 member countries, plus the African Union and the European Union. The event addresses major global challenges and possible solutions to the pressing issues.

Some of the main problems discussed at this year’s G20 Summit are sustainable food production, social inequalities, and global hunger. Brazil, which will symbolically hand over the forum’s presidency to South Africa tomorrow, proposes to form a Global Alliance to fight hunger and poverty so that no country would fight these crises in isolation.

Brazil itself is tackling these issues with strong civil society engagement. It developed and implemented several initiatives like Bolsa Família and the National School Meals Program aimed at social inclusion, supporting family farming, and ensuring food and nutritional security.

Besides, Brazil is currently engaged in several notable sustainability projects that address climate change, resource efficiency, and industrial decarbonisation. These include the Climate and Ecological Transformation Investment Platform (BIP), the Industrial Decarbonization Hub launched in partnership with the United Nations Industrial Development Organization (UNIDO) and the UK, the National Circular Economy Strategy (ENEC), and more.

Partnerships with international investors help Brazil improve the lives of its citizens and national infrastructure. Besides AIIB investment, significant funding for the transformation of one of the largest economies in Latin America was recently announced by Microsoft. The tech giant pledged to invest 14.7 billion reais ($2.7 billion) in the development of cloud infrastructure and artificial intelligence in Brazil over the next three years.