Brazil to receive $1.5 billion from IDB to fund scientific research

The Fund for Research and Projects (FINEP) will receive a loan of $1.5 billion from the Inter-American Development Bank (IDB) to fund scientific research over the next five years. The announcement was made by the Ministry of Science, Technology, Innovation, and Communications.

According to the ministry, this is the first time that FINEP raises funds abroad. Of the total, $310 million will be used this year.

Among the projects that should receive the IDB's resources, there are are the Plan of development and innovation of the Chemical Industry (PADIQ) and the Development, Sustainability and Innovation Plan of the Mining and Mineral Transformation Industries (INOVA MINERAL). Another program aimed at the advanced biofuels sector, which is being structured by FINEP, will also use these funds.

The IDB will also be a co-investor in innovative start-up companies and will support, with non-reimbursable resources and specialized technical aid, FINEP's institutional strengthening and the development and employment of methodologies and processes for monitoring results.

In a note, FINEP President Marcos Cintra said the government intends to "develop the potential for all available instruments to boost its economic growth." For him, this is "a clear sign of international confidence" and "the country's financial relationship with other countries moves in new directions."

Translated by Amarílis Anchieta