Brazilian state bank BNDES may fund African and South American companies to buy Brazilian equipment
[ 2009-12-14
]
Brasilia, Brazil, 14 Dec – Brazil’s Nacional de Desenvolvimento Económico e Social (BNDES) is analyzing the creation of a credit line to allow companies from Africa and South America to import Brazilian equipment, the Brasil news agency reported.
The agency said that the funding would be provided in partnership with banks from other countries and would come from a BNDES fund called Funding for Machines and Equipment (Finame).
The operation will be carried out through a BNDES contract with a foreign bank. Brazilian suppliers will export products and receive the value of the sale in Brazilian reals from BNDES, which means the currency will not leave the country.
In its turn, the foreign bank will fund the payment for the buyer and later return it to BNDES.
The chairman of BNDES, Luciano Coutinho, said that the move sought to provide support to small companies abroad that have difficulties in accessing credit and added that countries that manufacture equipment, such as China, already had credit lines such as this. (macauhub)
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