The Multilateral Investment Fund has approved $4.6 million in financing for two technology projects in Brazil — one project will provide venture capital to support emerging technology-based companies and the other will help make new technological services and products available to agricultural producers.
MIF will provide a $3 million equity investment and a $60,000 grant to help set up the Stratus I Fund, which will provide capital and financial and technical advice to a dozen or more new Brazilian companies.
The grant component of the operation will cover the costs of three independent evaluations of the performance of the fund, which will match private sector investments in emerging technology companies on a one-to-one basis.
For the agricultural sector, MIF will provide a $1 million grant help make new technological services and products available to agricultural producers for improved growth in the agribusiness sector.
The program, to be carried out by the Empresa Brasileira de Pesquisa Agropecuária, will support development of a sustained incubation system to assist start-up business enterprises in the agriculture sector and create three pilot projects to obtain experience needed to improve the system.
The Multilateral Investment Fund, an autonomous fund administered by the Inter-American Development Bank, provides grants and investments to accelerate private sector development and help improve the climate for investment in Latin America and the Caribbean.