IDB Lends BNDES $1bn

The IDB has signed a $1bn 20-year loan for the BNDES to support a long-term credit program for micro, small and medium-sized enterprises. The new loan is for 20 years, with a 4-year grace period. BNDES will provide another $1bn in counterpart funds. The loan is the third of the same size made from a $3 billion conditional credit line launched in 2004. Some 30,000 businesses may benefit from these resources, through a program involving more than 80 Brazilian banks, says the lender. “Given their capacity to generate jobs and boost competitiveness in supply chains, these businesses are crucial for strengthening exports and the economy as a whole,” says the IDB’s Brazil representative, Jose Luis Lupo.