AXA fund to invest $49 million in Brazil reforestation projects

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July 18, 2023

An alternative investment vehicle controlled by French insurer AXA (AXAF.PA) said on Tuesday it will inject $49 million into reforestation projects in Brazil led by local startup Mombak.

SAO PAULO, July 18 (Reuters) – An alternative investment vehicle controlled by French insurer AXA (AXAF.PA) said on Tuesday it will inject $49 million into reforestation projects in Brazil led by local startup Mombak.

AXA IM Alts, which has over 185 billion euros ($208 billion) under management, will take a minority stake in the startup to help scale up operations and technology.

Mombak, which is also backed by Bain Capital, will lead projects to reforest over 10,000 hectares of degraded pastureland, generating up to 6 million carbon credits.

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