Brasília – Brazilian banks Banco do Brasil and Caixa Econômica Federal will offer credit to companies struggling with financial repercussions from the new coronavirus (COVID-19) pandemic. The announcement was made by Caixa chairman Pedro Guimarães, Banco do Brasil chairman Rubem Novaes, and Brazil’s minister of Economy Paulo Guedes after a meeting at the Ministry in Brasília.
Guimarães said BRL 30 billion will be supplied for consigned credit and automobile financing portfolio purchases, in case financial institutions get in trouble; BRL 40 billion will be made available as working capital, especially for real estate companies and small and medium businesses; and BRL 5 billion will be supplied for agricultural credit.
Novaes said that although estimates aren’t available yet, the bank will cater to demand for its clients, especially small and medium businesses.
Translated by Gabriel Pomerancblum
