RIO DE JANEIRO, July 20 (Reuters) – The New Development Bank of the “BRICS” group of developing countries will lend Brazil $ 1 billion to help fight economic damage caused by the COVID-19 crisis, the agency said on Monday.
The funds will be allocated to the federal government’s emergency assistance payment program, which according to the NDB estimate could benefit 5 million informal workers, low-income families and unemployed people.
“NDB funding is an important tool for the Brazilian government to ensure a strong fiscal response to combat the pandemic and allow priority investments to be made, thereby supporting economic recovery,” the NDB said in a statement.
According to the bank, which was founded by Brazil, Russia, India, China, and South Africa, this will be above funding from other multilateral banks and international development agencies such as the World Bank and Inter-American Development Bank, bringing the total loan to Brazil to $ 4 billion. (Reporting by Rodrigo Viga Gaierd; editing by Jonathan Oatis Writing by Jamie McGeever)