Development bank launches Covid-19 fundraising campaign

Development bank launches Covid-19 fundraising campaign

Brazil’s National Development Bank (BNDES) announced a fundraising campaign to bolster the fight against Covid-19. The bank will match every private donation to a newly created coronavirus fund, up to a maximum of BRL 50 million (USD 9.2 million), expecting the total raised to reach BRL 100 million.

“We are optimistic that we will reach our goal,” said Credit Guarantee Director Petrônio Cançado. The development bank expects 80 percent of donations to come from companies, with individuals pitching in with the remainder. As of this morning, the campaign had already raised BRL 8 million — BRL 4 million from companies such as Linx, Klabin, Lorinvest, and ABC Brasil bank, and another BRL 4 million matched by the BNDES. Donations range from BRL 10 to 100,000.

Earlier this week, reporter Natália Scalzaretto talked about how Covid-19 could boost an otherwise non-existent culture of philanthropy among Brazil’s wealthiest individuals and companies.