From the Newsroom*
São Paulo – The Brazilian Development Bank (BNDES) announced today (27) the creation of a new line of credit to finance Brazilian exports of light vehicles, in other words, cars. According to the bank, as of now, financing may cover up to 55% of the deal. Before this, the maximum percentage was of 30%.
The institution decided also to reduce the basic spread of 4.5% per year to 3.8% per year. This is a "prize" that the bank charges as well as the basic interest rate, which in the case of the BNDES is the long term interest rate, which today is at 7.6% per year. To have access to this benefit, however, the carmakers planning to export will have to take up the commitment of increasing or maintaining the employment level in their factories.
The BNDES started financing cars exports last year and from then on loaned US$ 853 million in credit for this kind of business.
*Translated by Silvia Lindsey
