The Brazilian National Development Bank (BNDES) and the Inter-American Development Bank (IDB) announced a US$2.4 billion joint line of credit to finance sustainability projects in Brazil on 16 December 2016 (Valor, BNDES). The first operation will be a sustainable energy financing program of US$750 million from BNDES to Brazilian companies, with the Brazilian federal government as a guarantor. These energy infrastructure funds will focus on increasing the share of alternative renewable energy in the national energy matrix and energy efficiency. The funds will have a four-year term and an interest rate determined by the IDB’s ordinary loans. BNDES emphasized that the energy projects stemming from this financing will help Brazil to reach its greenhouse gas reduction goals laid out by the U.N.'s Paris Accord on Climate Change. Between January and October 2016, BNDES had already disbursed US$20.6 billion in financing.