Stone secures IDB financing to offer credit to businesses in the Amazon
(Corrects typographical error in headline to IDB from IBD)
By Luciana Magalhaes
SAO PAULO (Reuters) -Brazilian payments company Stone said on Monday it has secured 295 million reais ($53.4 million) in financing from the Inter-American Development Bank’s private investment arm to expand credit offerings to small and mid-sized companies, focusing on Brazil’s remote Legal Amazon (NASDAQ:AMZN) region.
Funds from IDB Invest will support the development of businesses in the region, including by women. The area covers nine states, most of which are among the poorest in Brazil, and faces deforestation, illegal mining, land conflicts and governance challenges.
The transaction, the first between Stone and the IDB, was initiated before discussions about U.S. tariffs on Brazil, said Diego Salgado, treasury officer at Stone in Brazil.
"This process began over a year ago, before the American election and before the imposition of tariffs. The challenge of a more multipolar world was not yet a significant concern," he said.
Under the agreement, IDB Invest will also help Stone improve its products by developing solutions specifically for women entrepreneurs in remote areas such as the Amazon.
