Brazil is seeking to raise about $2bn from its first sustainable sovereign bond, in a test of international investor enthusiasm for the green agenda of President Luiz Inácio Lula da Silva.
The South American nation hopes to finalise the inaugural debt issuance before the end of 2023, according to its finance ministry, with the proceeds earmarked for ecological and social purposes.
Lula’s leftwing administration is looking to rehabilitate the country’s environmental credentials on the global stage, following isolationist policies and a rise in deforestation of the Amazon rainforest under predecessor Jair Bolsonaro.
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