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BNDES Will Coordinate Government Package Against U.S. Tariffs, With Emergency Credit of R$ 3 Billion and Promises of Agility.
The president of BNDES, Aloizio Mercadante, announced that the bank will coordinate the implementation of the new measures from the federal government to reduce the impacts of the tariffs imposed by the United States on Brazilian exports.
The centerpiece of the package is a credit line of approximately R$ 3 billion, funded by the Export Guarantee Fund (FGE).
However, the details regarding deadlines and interest rates will still be defined by the economic team in Brasília.
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Promise of Agility
According to Exame, during the presentation of the second quarter results of BNDES, Mercadante stated that the package will bring “important surprises” and more attractive credit conditions.
He noted that the bank is ready to act quickly as soon as President Lula defines the final parameters.
Guidance for Companies
Mercadante emphasized that companies should prepare to quickly access the emergency line.
He advised that companies seek out the commercial banks with which they already have a relationship, as this may accelerate the disbursement.
Additionally, he reiterated that the criteria for access will be defined by the Ministry of Development, Industry, Commerce, and Services, along with the Federal Revenue Service, responsible for assessing export losses.
The Role of FGE
The Export Guarantee Fund has assets of R$ 53.8 billion and recorded a profit of R$ 1.7 billion in the first half of 2024.
Created in 1997, the fund covers Export Credit Insurance, which guarantees financing for goods and services destined for foreign markets.
The federal government also plans a structural reform of the FGE to expand its use as a source of funds for cheaper credit operations for the sectors most affected by the American tariff hike.
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