Mar 26, 2013

On March 26, the Brazilian Development Bank (BNDES) and the Industrial Development Corporation (IDC) signed a cooperation agreement to renew a partnership between the two institutions.

The document was signed by the president of the BNDES, Luciano Coutinho, and the president of the IDC, Geoffrey Qhena. The ceremony took place during the BRICS 5th Summit, which is taking place in Durban, South Africa.

The IDC is a public bank focused on financing the industrial sector in South Africa. The agreement prolongs the partnership formalized in 2009 and is being renewed due to the previously-achieved mutual benefits and the desire, expressed by both parts, to further existing ties.

The agreement has fostered an intense exchange of information between the BNDES and the IDC. The BNDES has had the opportunity to make the most of the vast experience the IDC has acquired over its more than 70 years, along with its wide-ranging operations on the African continent, where it is present in some 17 countries.

Since the partnership was initiated, the two institutions have worked together and organized a seminar on bio-ethanol, held in South Africa, among other initiatives.

Included in the sectors the two institutions consider priorities for the partnership are the automotive and auto parts areas (including vehicles run on alternative fuel), power generation, use of clean/renewable energy and co-generation, agro-industry, medication and mineral enrichment.