The Espiritu Santo Development Bank (Bandes) of Brazil will coordinate the ESG Development Fund, which will support strategic projects to promote the business environment and the economy of the Espiritu Santo State, focused on the industry, health, education, and energy sectors. This is a non-convertible bond issuance program for an initial amount of 50 million dollars in local currency.

Bandes will launch a public call notice to receive proposals from companies interested in financial support. The financing scheme consists of a 4-year grace period and a total 10-year term. The obligations will be remunerated at the Selic rate, disclosed by the Central Bank of Brazil, and the projects may have a 10% discount on the rate, depending on the location of the venture, and defined based on the Regional Sustainable Development Index by Microregions and the Municipal Participation Index.

The initiative aims to promote the balanced development of micro-regions, with the implementation of investment projects with ESG criteria that can generate jobs and income.