ADIG and Brazilian bank launch over $100b development investment fund

The 17th BRICS Summit concluded on strong note, attended by a delegation from the UAE led by His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.

- Staff Reporter, Gulf Today

During the summit, His Highness met with Luiz Inácio Lula da Silva, President of the Federative Republic of Brazil, during which they discussed further advancing bilateral relations, building on the deep-rooted and longstanding ties between the two nations, which form a solid foundation for expanding cooperation across vital sectors in support of sustainable development goals and shared interests.

The ongoing cooperation between the UAE and Brazil has led to the signing of the largest economic Memorandum of Understanding at the 17th BRICS Summit to launch a development investment fund valued at over $IOOb. The agreement was signed between Abu Dhabi Investment Group (ADIG), which established one-third of the banking sector in the UAE, and Banco do Brasil S.A., an institution with a history spanning more than 200 years, and it is the largest bank in Brazil and Latin America. The signing was attended by Zayed Bin Rashid Bin Aweidha Al Qubaisi, CEO of ADIG, and Ms. Tarciana Medeiros, President of Banco do Brasil S.A.

This agreement seeks to set up the largest development investment fund of its kind among BRICS countries to support strategic development projects across sectors such as industry, agriculture, real estate, technology, environment and recycling, energy, retail, infrastructure, healthcare, education and training, transportation, trade, public debt instruments, and more. It reflects both parties’ commitment to foster sustainable development and responsible investment at the international level.