São Paulo – This Monday (28th), the Brazilian Development Bank announced its first line of credit for Africa, a part of the Exim Automático export financing program. The deal was made possible by an agreement signed with (the Brazilian private bank) Bradesco.
The Exim Automático program (Automatic Export-Import) finances Brazilian exports by granting credit to importers, via either a foreign bank or a Brazil-based bank with branches abroad which assumes the risk on behalf of the BNDES.
Up until now, the line was available only to Latin American countries, but the BNDES had been negotiating its expansion into African nations, as reported by ANBA in early April.
According to the BNDES, the contract provides for US$ 200 million to be passed on to Bradesco branches in foreign countries. The credit will also be available to Latin American countries.
The BNDES has informed that thus far, it has signed agreements with 30 different banks, at a combined total of US$ 1.4 billion. The program provides financing to exports of capital goods.
*Translated by Gabriel Pomerancblum
