LatinNews Daily - 21 July 2020

* The New Development Bank (NDB) – the multilateral bank founded by the BRICS countries (Brazil, Russia, India, China and South Africa) in 2014 – has approved a US$1bn credit line to Brazil to support the government’s emergency basic income programme for its most vulnerable citizens during the coronavirus (Covid-19) pandemic. These funds will guarantee the distribution of the monthly R$600 (US$113) emergency income to approximately 5m informal, self-employed and unemployed workers, to ensure they can access food and healthcare products. The loan is also intended to ensure that President Jair Bolsonaro’s government has the necessary fiscal support to tackle the pandemic, and to implement infrastructure projects as part of the country’s economic recovery. The NDB’s president, Marcos Troyjo, said the loan “will contribute to the country’s ongoing efforts to strengthen social safety nets and address immediate socio-economic impacts of the Covid-19 outbreak, particularly on the most vulnerable population in Brazil.” The Covid-19 Emergency Program Loan to Brazil is the bank’s largest loan to Brazil to date.

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