Brazil to finance production and export of Embraer airplanes

Brazil will finance the production and export of commercial aircraft by Embraer, the third-largest aircraft manufacturer in the world so that it can resume the production level before the pandemic, official sources informed on November 14.

The state-owned National Bank for Economic and Social Development (BNDES) announced Monday that it would finance Embraer with R$2.2 billion (US$413 million) to return to aircraft production levels before COVID-19.

“The aviation sector is considered strategic due to the high technology involved, the employment of skilled labor, and the capacity to generate innovations with positive impacts on the country’s economy, in addition to being a relevant industry to guarantee national sovereignty with defense products,” assured BNDES.

“Brazil is a country that can design, manufacture, and export commercial, executive, defense, and agricultural aircraft worldwide,” added the state-owned entity.

Since 1997, the BNDES has financed Embraer with about US$25 billion in exports, with which the manufacturer has manufactured and exported more than 1,275 aircraft worldwide.

Embraer disclosed last week that it delivered 33 aircraft in the third quarter of 2022, 10% more than in the same period last year.

Year-to-date, the company delivered 79 aircraft, 27 commercial and 52 executives, versus 86 in the same period of 2021.

Revenues in the third quarter were US$17.8 billion, up 6 percent versus the same period in 2021.

Embraer is the world’s third-largest aircraft manufacturer, behind Boeing and Airbus, and is the leader in the medium-haul aircraft segment, with up to 150 seats.

With information from Xinhua

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error