BNDES Blue: with an increased budget, the BNDES Corals initiative selects projects

The National Bank for Economic and Social Development (BNDES) from Brazil has increased by 50% the resources (from 30 to 45 million reais, equivalent to approximately 7.75 million dollars) of the Bank’s Socio-Environmental Fund, available for the public call “BNDES Corals”, which is intended for projects that seek to contribute to the recovery and conservation of shallow coral reefs and Brazilian coral banks.

The budget increase will allow for twice as many projects to be called than those initially planned. The selected projects focus mainly on innovative actions to protect coral reefs, addressing initiatives such as improving water quality in the basins that feed corals; combating predatory fishing by generating alternative income; planning community-based tourism linked to corals; fighting exotic species; and mapping, monitoring, maintaining and restoring corals. According to the bidding guidelines, the selected partners must contribute with at least a 50% participation in the total resources allocated to the projects, doubling BNDES contribution.