By Guilherme Grandi
Brazil’s Vice President Geraldo Alckmin announced, on Thursday morning (25), that the National Bank of Economic and Social Development (BNDES) will implement a financing line of R$4 billion (US$790 million) for Brazilian exporting industries with interest at 7.5% per year, with a fixed rate in dollar and two years of grace.
According to Alckmin, industries can access dollar financing without exchange rate variation risk.
“It receives in dollars, so if the dollar goes up, what it receives goes up. If the dollar falls, what they receive falls,” he said, mentioning that the new plan was thought to be similar to the Plano Safra.
The R$4 billion announced this morning will be divided into R$2 billion for exporting products and R$2 billion for exporters to invest in modernizing their companies at no cost to the Treasury.
In a meeting at the Federation of Industries of the State of São Paulo (Fiesp), the bank’s president, Aloizio Mercadante, announced that there will be a reduction in the spread (the difference between the rate charged to companies and the funding rate) of 61%.
Alckmin also said that the project that establishes the new Law of Guarantees is already in the Commission of Economic Affairs (CAE) of the Senate and, when approved, will help to make credit cheaper in the country.
Also, during the announcement, the vice president announced that the government would grant a tax incentive for accelerated depreciation so that companies could renew their industrial park.
This resource, however, still needs to be defined for the 2024 Budget Law.
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