IFC and Banco BV Partner to Boost Climate-Smart Vehicles in Brazil
IFC, a member of the World Bank Group, is providing a financing package of $50 million to banco BV to support the bank's climate-smart vehicle loan portfolio in Brazil. The project aims to widen access to finance for the purchase of these vehicles and help strengthen the country's climate finance market, mitigating climate impact and supporting economic recovery in the country.
This project is part of IFC's broad systematic approach in Brazil to mobilize funding over the next few years that strategically support clean-transportation financing. The overall goal is to continue to expand the size of the clean fleet and support the replacement of old equipment with new environmentally friendly technologies.