Itaipu's Ueno Bank choice required approval from both countries' directors

Itaipu's choice of banks to hold its funds required prior approval from its binational board of Brazilian and Paraguayan directors, according to the hydroelectric plant. This rule was cited after the Ueno Bank, holding over R$1 billion of the plant's money, faced intervention on November 3. Brazilian consumers funded 78.2% of Itaipu's contracted power and costs in 2025, totaling US$2.19 billion of US$2.8 billion, with Paraguay covering the rest. The funds are deposited only in legally authorized banks with specific risk ratings, and the binational board decides by consensus with equal representation from both countries. The relationship with Ueno began in January 2025, coinciding with a 2024 Brazil-Paraguay tariff agreement. Over US$2.4 billion was transferred from Brazil to Paraguay between 2024 and 2026, with the Ueno balance representing 7.6% of those remittances.