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The deal falls under the World Bank's carbon partnership facility (CPF). CEF is the only institution in Brazil that is authorized to operate under the program, government news service Agência Brasil reported.
The CEF financing will go towards projects such as building sanitary landfills, upgrading open-air dumps, developing alternative solid waste treatment facilities and reducing the environmental impact of development projects.
Carbon credits generated by projects registered as clean development mechanisms (CDMs) can be used as a guarantee to CEF financing, as the federal bank can then sell these credits under its agreement with the World Bank, the report said.
The financing may be used for federal, state, and municipal governments as well as private sector operators and special purpose companies.