Brasília – This Tuesday (22nd), the Brazilian senate passed the Provisional Measure (MP) #541, which establishes the Export Financing Fund (Fefex, in the Portuguese acronym). The Fund’s budget will be 1 billion reais (US$ 740 million), supplied by the federal government, and will provide financing to micro, small and large exporting businesses included in Plano Brasil Maior (Larger Brazil Plan) , which covers industries such as textiles, leather, ceramics, software, clothing and others.
The fund’s financing rates have not been set yet. MP 541 also extends the deadline for federal government-funded financing operations from June to December 2012.
The measure also changes the name of the Ministry of Science and Technology to Ministry of Science, Technology and Innovation. The MP was passed through a symbolic voting, and will now be submitted to presidential sanction. The senate made no changes to the bill submitted by the Chamber of Representatives.
*Translated by Gabriel Pomerancblum
