Brazil to Become a Part of OECD and Plans to Launch IPO for Its Digital Bank


During a virtual event on Tuesday, Paulo Guedes, Brazil’s Minister of Economy, announced that the country is about to become a part of the Organisation of Economic Cooperation Development (OECD). Furthermore, he said that the government is planning to launch IPOs for its newly-introduced digital bank of Caixa Econômica Federal.
Caixa Econômica Federal introduced a digital bank during the COVID-19 pandemic for assisting the government to financially aid the residents. About 64 million Brazilians were assisted during the pandemic. In the Milken Institute Global Conference, Guedes commented that the Central Bank wants to attract new investors for the state.

Reuters highlighted Guedes’ statement that mentioned Caixa’s role in plans for IPO for the digital bank. As per InfoMoney, a Brazilian website, the Minister also said that the Central Bank will thrive to ensure lesser risks for foreign investors.
For entering the OECD, Brazil has to meet a few benchmarks including combating corruption, regulation, developing acquisition protocols, and transparency.
According to the Paulo Guedes, Brazil has fulfilled two-thirds of the requirements already to be accepted as a member of the OECD and should be entering the organisation within a year.