BRUSSELS, 3rd June, 2023 (WAM) — The European Investment Bank (EIB) and Sicredi, a cooperative financial institution operating in all regions of Brazil, signed an agreement aimed at fostering the use of renewable energy in Brazil. Ricardo Mourinho Felix, Vice-President of the EIB, and Cesar Bochi, CEO of Banco Cooperativo Sicredi, signed a, 200 million loan in Brasilia, which will be used by Sicredi to finance the installation of photovoltaic panels on homes, small and medium-sized businesses and rural properties. The project will contribute 100 percent to climate action (mitigation) and will support Brazil’s targets for increasing the share of renewable energy sources in its annual electricity generation, contributing to the achievement of the ten-year national energy expansion plan. By supporting this low-size market segment the operation reduces electrical losses and optimises the distribution grid usage. Sicredi is a cooperative financial institution with more than 6.5 million members and 2,500 branches in 1,800 municipalities across all regions of Brazil. In over 200 cities, it is the only financial institution physically present. Currently, the institution holds a credit portfolio of about, 1.1 billion. Tariq Al Fahaam/ Amjad Saleh
Source: Emirates News Agency (WAM)