BNDES and Finep sign agreement aiming to turn Rio into high-capacity data hub; exploring R$1bn AI investment fund
07/02/2025
Brazil’s leading development institutions are ramping up efforts to attract artificial intelligence (AI) investments and boost the country’s data center infrastructure. On Tuesday (1), the Brazilian Development Bank (BNDES) and the Studies and Projects Financing Agency (Finep) signed a memorandum of understanding to develop Rio de Janeiro as a strategic data center hub. The agreement also includes the federal government, the city of Rio, and power utility Eletrobras.
The memorandum—focused on developing, financing, and installing high-capacity data centers in the city—is the first of its kind and could serve as a model for other states and municipalities.
Speaking at the Governance and Public Strategies in Artificial Intelligence forum, held in parallel with the BRICS summit at BNDES headquarters in Rio, the development lender’s Planning and Project Structuring Director, Nelson Barbosa, said the bank is evaluating the creation of a dedicated investment fund for data centers and AI.
Mr. Barbosa said BNDES plans to commit between R$500 million and R$1 billion to the fund as part of its renewed strategy for equity investments via BNDESPar, the bank’s equity investment arm. Last week, BNDES President Aloizio Mercadante announced that the bank will allocate R$10 billion to stock investments—half through direct stakes and half via private equity-style investment funds (FIPs).
“Of the R$5 billion allocated to funds, we’re evaluating a fund focused on data centers and AI, with a potential BNDES commitment of between R$500 million and R$1 billion,” Mr. Barbosa said.
Including potential private co-investment, the total size of the fund could reach between R$2.5 billion and R$5 billion. It would support various segments of the IT and AI ecosystem—from different data center models to algorithm development, applications, AI solutions, and hardware such as gaming technologies and creative industry tools.
Mr. Barbosa said BNDES has already deployed R$1.7 billion in the sector since 2023 through direct financing and investment fund participation. That includes R$1 billion in nine transactions involving hardware, data centers, and IT products; R$63 million in equity investments in two tech firms via BNDESPar; and R$700 million across seven investment funds focused on AI-enabled business models. The bank expects these funds to mobilize another R$2.3 billion in private capital, Mr. Barbosa said.
Finep President Luiz Antonio Elias said Brazil has a significant opportunity to position itself competitively in the global technology market by creating a “positive financing environment.” He highlighted the strategic nature of the new protocol.
“The memorandum offers a differentiated financing model involving Finep, BNDES, and Eletrobras, recognizing Rio’s unique opportunity. The city becomes more attractive for investment thanks to its existing connectivity infrastructure,” Mr. Elias told Valor, referring to the international submarine cables established during the 2016 Olympics.
The initiative aligns with Brazil’s National Artificial Intelligence Strategy, launched by the federal government last year. “[This agreement] represents a strategic initiative with significant economic, scientific, and technological impact,” Mr. Elias added.
*By Camila Zarur and Paula Martini — Rio de Janeiro
Source: Valor International
https://valorinternational.globo.com/