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On 29 June 2015, the Brazilian Development Bank BNDES announced the signature of a credit agreement worth EUR 200 million (USD 223 million) with the Instituto de Crédito Oficial, a state-owned bank attached to the Spanish Ministry of Economic Affairs.
The deal is the result of a Memorandum of Understanding signed in 2013, in which both countries agree to cooperate in sectors of mutual interest. According to the Spain-Brazil Council Foundation, the credit is aimed at infrastructure projects and covers financing, co-financing and guarantees.
The press report by the foundation mentions two areas of cooperation. One is the support of SMEs with technical and professional assistance in order to reach global markets. Another area could be Brazil's Infrastructure Plan, which was announced in early June 2015 and is worth USD 64 billion.
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