World Bank allocates $50m credit for commercial solar panels in Brazil

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 “will be devoted to the commercialization of photovoltaic panels.”

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: “Financing 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 country’s economic activity. This new partnership with [the] IFC allows us to expand our operations on these important fronts of action.”