The country’s Central Bank has put in place a string of measures to enable more access to credit and refinancing during the coronavirus crisis.
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Brazil’s government announced a line of financing to support enterprises.
Brazil’s Banco do Brasil and Caixa Econômica Federal announced that financing will be made available to businesses whose finances take a hit from the pandemic.
The bank saw USD 646 million in net profit in Q3, up 70% from Q3 2018. Year-to-date through September, net profit climbed 159% to USD 3.95 billion.
Loans made by Brazil’s state-run BNDES amounted to USD 25 billion in H1. Consultations and approvals declined even more.
World Bank resources will finance reforms, balance the budget, and boost growth and job creation in the country, which suffers from the high cost of energy and a large inflow of Syrian refugees.
Volume of loans grew by 5.5% last year, according to Brazilian Central Bank.
Ten credit operations have been approved this month by the state-run bank for investment in distributing companies in several states across Brazil.
The state-owned oil company has paid a BRL 2 billion (USD 540 million) debt with Banco do Brasil, which had a 2020 due date.
Only 5% of households had debt in arrears for over 90 days last August in Brazil, the Brazilian Central Bank reported.
The credit line will finance reforms for private investments promotion, small businesses, social program and alternative energy.
Loans made by Brazil’s state-run BNDES amounted to slightly over USD 5.5 billion in Q1, but approvals were up 11%.
