The private sector arm of the World Bank has said it will provide $50 million worth of loans to support the commercialization of solar panels in Brazil as part of an $8 billion rapid-reaction drive to mitigate the impact of Covid-19 around the world.
The International Finance Corporation (IFC) yesterday announced half of the $100 million finance it will offer through the Brazilian business of Spanish bank Santander â€świll be devoted to the commercialization of photovoltaic panels.â€ť
Of the remainder, the IFC said at least $10 million would be available to support small and medium-sized businesses owned by women.
The finance will be available in the form of 12-month loans which can be renewed for a second year.
Franco Fasoli, director of companies, governments and institutions at Santander Brasil said: â€śFinancing green credit lines at this moment is essential to support the transition to a cleaner economy, with [a] focus on small businesses and entrepreneurs. In addition to being part of our strategy, it contributes to a virtuous cycle of resumption of the countryâ€™s economic activity. This new partnership with [the] IFC allows us to expand our operations on these important fronts of action.â€ť
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