An agreement between the United Arab Emirates and Brazil marked the signing of the largest economic Memorandum of Understanding (MoU) during the 17th BRICS Summit. The agreement, valued at more than $100 billion, would establish a cooperative development investment fund aimed at developing key areas in BRICS countries and beyond.
The largest and oldest bank in Latin America, Banco do Brasil S.A., and the Abu Dhabi Investment Group (ADIG), a major force in the UAE’s financial industry, inked the deal. Tarciana Medeiros, president of Banco do Brasil S.A., and Zayed bin Rashid bin Aweidha Al Qubaisi, CEO of ADIG, were present at the signing event.
The UAE delegation to the summit was led by Abu Dhabi’s Crown Prince, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. He met with Luiz Inácio Lula da Silva, the president of Brazil, to talk about deepening bilateral relations and extending collaboration in vital areas including sustainable development, commerce, and investment.
The investment fund, established recently, seeks to promote development initiatives in various areas, including industry, agriculture, real estate, the environment, technology, energy, retail, infrastructure, healthcare, education, and public debt instruments. The project expands on promises made during the Rio de Janeiro G20 Summit, where ADIG and President Lula first decided to establish the fund.
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