- ADIG and Banco do Brazil sign BRICS’ largest economic MoU to launch a USD 100B development investment fund across key sectors.
- The agreement was signed between Abu Dhabi Investment Group and Banco do Brasil, the largest bank in Latin America.
- The fund aims to drive sustainable development through investments in infrastructure, energy, agriculture, technology, and other strategic sectors.
BRICS
At the conclusion of the 17th BRICS Summit, the ADIG and Banco do Brazil signed one of the largest economic MoUs in the bloc’s history. They signed an agreement to launch a development investment fund valued at over USD 100 billion.
The agreement was signed between Abu Dhabi Investment Group (ADIG) and Banco do Brasil S.A. The ADIG established one-third of the banking sector in the UAE while Banco do Brasil is the largest bank in Brazil and Latin America.
Development Investment Fund
This agreement seeks to set up the largest development investment fund of its kind among BRICS countries. It aims to support strategic development projects across sectors such as industry, agriculture, real estate, technology, environment and recycling. It also aims to support energy, retail, infrastructure, healthcare, education and training, transportation, trade, public debt instruments, and more.
Collectively, the agreement reflects both parties’ goal to foster sustainable development and responsible investment. Additionally, the agreement is anticipated to foster new horizons for UAE-Brazilian cooperation. In addition to supporting the UAE’s efforts in global food security and high-impact investments in line with sustainable development goals.
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