São Paulo – The Brazilian federal government has increased the revenue limit for companies to access the Export Financing Program (PROEX). Instead of the previous BRL 600 million (about USD 118.28 million at the current rate), as of May, companies with up to BRL 1.3 billion (about USD 256.27 million) in revenue will be eligible for the program.
According to information disclosed by the Brazilian Ministry of Development, Industry, Commerce & Services, the goal is to allow more companies to be eligible and increase the competitiveness of Brazil’s foreign sales. The government devised the program to foster Brazilian exports and provide credit to enable sales.
The decision to expand the limit was taken by the Executive Management Committee (GECEX) of the Brazilian Foreign Trade Chamber (CAMEX). “The decision could increase the number of companies able to export through the program, boost the competitiveness and growth of our economy, and create more jobs,” said Brazil’s vice president and minister of Development, Industry, Commerce, & Services, Geraldo Alckmin (pictured above).
Translated by Elúsio Brasileiro
