The National Bank for Economic and Social Development (BNDES) has approved R$7.6 billion in the Sovereign Brazil Plan, a program for companies affected by US tariffs on Brazilian products. Furthermore, according to BNDES President Aloyzio Mercadante, as of Thursday (13th) applications for approximately 9.7 billion reais had been made.
The states that received the most funds were São Paulo (Reais 2 billion), Rio Grande do Sul (Reais 1.2 billion) and Santa Catarina (Reais 1.1 billion).
At the financial results event for the third quarter of this year held this Friday (14th), Mercadante said that the development bank will expand the coverage of the Sovereign Brazil Plan for exporting companies and suppliers.
“Companies that supply products to exporters will have access to credit facilities,” Mercadante said.
This Thursday (13th), the National Monetary Council (CMN) approved a resolution expanding the scope of the program’s emergency line. As a result, supplier companies with at least 1% of their revenue affected will also be able to access resources for the period July 2024 to June 2025.
In addition, exporting companies that were already subject to resource tariffs have had the percentage of their revenue affected by additional U.S. tariffs reduced from 5% to 1%.
Mercadante explained that the development bank will be able to receive requests from companies after BNDES receives a list of eligible companies from the Federal Board of Revenue and the Ministry of Development, Industry and Commercial Services (MDCI) through an application from Cellpro (Federal Data Processing Agency). Mercadante said the system is expected to be released on November 24th.
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