From the Newsroom*
São Paulo – The Brazilian Development Bank (BNDES) is going to make US$ 853 million available for the financing of cars from the Brazilian subsidiaries of Volkswagen, Ford, General Motors and Fiat. This information was released today (31) by a spokesperson for the bank.
According to the institution, the funds are part of a line of credit created in September to support the auto industry. The value of each financing agreement is equivalent to 30% of the value of the export. With this, the financing creates export engagements that total at least US$ 2.8 billion.
According to the BNDES, Volkswagen is going to receive US$ 303 million, Ford US$ 250 million, GM US$ 200 million and Fiat US$ 100 million. The credits will be of the pre-shipping kind, i.e., the bank will finance the production of the vehicles to be exported.
*Translated by Mark Ament
