Politics could see Bolsonaro making changes to Amazon fund
The government of Brazil's ultra-rightwing President Jair Bolsonaro could make changes to the Fundo Amazônia, a fund that is financing sustainable projects in the Amazon region, due to political reasons.
The fund was created in 2008 and has the governments of Germany and Norway as permanent contributors together with Brazil's state-run oil firm Petrobras. It is overseen by the country's development bank BNDES.
On Thursday, environment minister Ricardo Salles and government secretary Carlos Alberto Santos Cruz held a meeting with BNDES president Joaquim Levy to gather information about the fund with the aim of reinforcing the monitoring of deforestation.
However, local media reports say that Salles is in fact investigating if money from Fundo Amazônia is being used to finance NGOs with a leftist bias.
The business-friendly Bolsonaro, who took office in January, criticized some NGOs and the country's environmental regulations during his election campaign, claiming they are hurting the Brazilian economy.
Since its creation, Fundo Amazônia has supported more than 100 projects through more than 1bn reais (US$263mn) in financing.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Political Risk & Macro (Brazil)
Brazil soft powers logistics plan with Guyana
A meeting to ease cargo transport between the countries also serves to shore up Brazil's role as mediator in the territorial dispute with Venezuela...
Is Petrobras' return to fuel distribution a realistic option?
The Brazilian state-run firm pulled out of the business in 2021 with the privatization of its subsidiary BR Distribuidora.
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects
Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.
- Project: Leaching Gravel Management Update - Spence
- Current stage:
- Updated:
1 day ago
- Project: San Gregorio
- Current stage:
- Updated:
1 day ago
- Project: Oitis 5 wind farm (Oitis wind complex)
- Current stage:
- Updated:
1 day ago
- Project: El Quevar
- Current stage:
- Updated:
1 day ago
- Project: Yauricocha Expansion
- Current stage:
- Updated:
1 day ago
- Project: Costa Perú wind farm
- Current stage:
- Updated:
2 days ago
- Project: Expansion of the potable water treatment plant in Curumuy (PWTP Curumuy)
- Current stage:
- Updated:
2 days ago
- Project: Tram in Villavicencio
- Current stage:
- Updated:
2 days ago
- Project: Llurimagua
- Current stage:
- Updated:
2 days ago
- Project: Cañaveral hydro plant
- Current stage:
- Updated:
2 days ago
Other companies
Get key information on thousands of companies in Latin America, from projects, to contacts, shareholders, related news and more.
- Company: TSK Bolivia
- Company: DORIS Engineering S.A.  (DORIS)
- Company: Minera Gold Fields Salares Norte Ltda.  (Minera Gold Fields Salares Norte)
-
Gold Fields Limited is a globally diversified producer of gold. It has eight operating mines, in Australia, Ghana, Peru and South Africa, whose combined annual attributable gold...
- Company: Saint-Gobain do Brasil Produtos Industriais e para Construção Ltda.  (Saint-Gobain do Brasil)
-
Saint-Gobain do Brasil Produtos Industriais e para Construção Ltda. (Saint-Gobain do Brasil) is a wholly-owned subsidiary of French multinational corporation Saint-Gobain. It pr...
- Company: Luceal Ingenieros EIRL
- Company: Indar Electric, S.L  (Indar Electric)
-
Indar Electric, S.L provides bespoke solutions in the area of electric power generation. It has plants in Milwaukee (US), Mexico City, Beasain and Segorbe (Spain) and a sales ne...
- Company: Aker Solutions ASA  (Aker Solutions)
-
Norway's Aker Solutions ASA – controlled by holding Aker Kvaerner - is a provider of subsea production equipment and offshore field design services for the oil & gas industry. I...
- Company: Hymatek Control A.S.
- Company: FOM PER S.A.C.