Banco de Desenvolvimento de Minas Gerais S.A. (BDMG) is a subnational public development bank controlled by the Government of the State of Minas Gerais in Brazil. The objective of the MCDF grant is to improve BDMG’s environmental and social framework, management system and practices. This enhancement of BDMG’s environmental and social standards and systems is expected to have a direct impact on the overall effort of BDMG to adopt upgraded environmental and social standards and systems (at international standards level) to their wider operations over time. In addition, the MCDF grant will support BDMG in using such enhanced environmental and social standards and systems as a template of best practices to train other banks and institutions in Brazil. The lessons learnt will be shared with relevant institutions across Latin America through existing networks.

BDMG is a new partner in the MCDF context.  The project aims to assist BDMG in adopting upgraded environmental and social standards and systems. This will also benefit other financial institutions in Brazil and beyond.  The BDMG Asia Connectivity Facility is expected to support subprojects in renewable energy and eligible infrastructure related sectors that link Brazil and Asia through enhanced trade and investment flows.