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São Paulo, Brazil, June 1
st
, 2017
—IFC, a member of the World Bank Group, and BNDES (Brazil’s National Bank for Economic and Social Development), signed this week a Memorandum of Understanding (MoU) aimed at strengthening the social and environmental considerations of BNDES’s credit granting process.
Under the two-year partnership, IFC and BNDES will map potential areas for improving BNDES’s social and environmental policies and procedures for credit granting, using as reference IFC's Environmental and Social Performance Standards, and taking into account BNDES’s preeminent role as a national development bank. IFC’s Performance Standards define criteria for social and environmental analysis and monitoring of a client’s credit operations, and they serve as a global benchmark for social and environmental risk management in the financial sector. IFC will also help to promote the exchange of knowledge among development banks in Brazil and in other emerging markets.
Signing the MoU and undertaking the activities stipulated in the instrument are of great importance to both institutions. For IFC, this partnership contributes to its mission to promote robust standards of social and environmental practices in the financial markets, including development institutions. For BNDES, the benefits include consolidating its central role in promoting sustainable social and environmental development, better alignment with society's expectations regarding the institution's socio-environmental performance, and continuous improvement of the social environmental requirements for raising external funding.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY16, we delivered a record $19 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
About BNDES
The Brazilian Development Bank (BNDES) is the main financing mechanism for development in Brazil. Since its foundation, in 1952, BNDES has played a fundamental role in stimulating the expansion of industry and infrastructure in the country. Over the course of the Bank’s history, its operations have evolved in accordance with the Brazilian socio-economic challenges, and now they include support for exports, technological innovation, sustainable socio-environmental development and the modernization of public administration. Intensively supporting Brazilian growth, since it was created, financing important investments for the country, the BNDES reaches a new operational level, also on a world scale, where it consolidates its role as financing agent to the economic and social development of Brazil. For more information, visit
http://www.bndes.gov.br/SiteBNDES/bndes/bndes_en
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