New Development Bank to provide about US$500 million to address heavy rainfall in Rio Grande do Sul

The BRICS New Development Bank (NDB) will allocate US$495 million for the reconstruction of the Brazilian state of Rio Grande do Sul, affected by floods. This is reported by Brasil 247, a partner of TV BRICS, citing the government of the Latin American state.

"Brazilian Vice President Geraldo Alckmin and NDB President Dilma Rousseff signed an agreement to support Rio Grande do Sul, which confirms the bank's allocation of funds for the state's reconstruction," the report said.

US$200 million will be used to repair infrastructure facilities such as motorways, bridges. The remaining US$295 million to be spent to "other needs of Rio Grande do Sul." In addition, the state authorities will receive US$620 million from three Brazilian state-owned banks.

In Rio Grande do Sul, unprecedented heavy rains and storms have killed more than 160 people and more than 80 are reported missing. More than 500,000 residents have been evacuated. The natural disaster affected 345 municipalities. In many localities, infrastructure has been damaged and homes destroyed.