Brazil gets $1 billion from BRICS bank to fight coronavirus

·1-min read
People walk past a graffiti depicting the late pop star Michael Jackson wearing a mask at Santa Marta slum, in Rio de Janeiro

RIO DE JANEIRO (Reuters) - A development bank run by the BRICS group of major developing nations has disbursed $1 billion to help fund the Brazilian government's fight against the COVID-19 pandemic, according to a statement from the lender on Tuesday.

The New Bank of Development (NDB), run by the BRICS group comprised of Brazil, Russia, India, China and South Africa, has earmarked $10 billion for fighting the pandemic. Eventually, Brazil is expected to receive a fifth of those funds.

Brazil has the world's deadliest coronavirus outbreak outside the United States, with 232,170 fatalities among more than 9.5 million cases.

(Reporting by Rodrigo Viga Gaier; Writing by Ana Mano; Editing by Marguerita Choy)