The Asian Infrastructure Investment Bank (AIIB) has approved USD100 million in on-lending funds to Brazilian development bank Banco de Desenvolvimento de Minas Gerais S.A. (BDMG) for the BDMG Renewables and Asia Connectivity Facility. 

The funds are expected to support companies or institutions operating in renewable and infrastructure-related fields in and around Minas Gerais, a large inland state in southeastern Brazil.

In addition to supporting renewable energy projects, the facility is part of Brazil’s government-backed Asia Connection program, which aims to attract Asian companies, research institutions and financiers to invest in projects in Minas Gerais to promote trade, technology and knowledge exchange across regions. AIIB will provide long-term capital to BDMG so the latter can finance projects in renewables and the infrastructure sector.