BNDES Creates Eximbank

Brazil’s BNDES plans to place its export credit business in a new unit called Exim Brasil to centralize, simplify and increase its offerings to the country’s exporters. It will be backed by a new BRL2bn Fundo Garantidor de Comercio Exterior guarantee fund. BNDES claims a BRL13bn existing portfolio in the area of trade finance, and will have as a main focus extending services to businesses that are finding it difficult to obtain financing. The new bank will be based in Rio.