Brazil to Set up Eximbank

Brazil’s development ministry and the BNDES are planning to establish a national export-import bank to help support domestic exporters, say government officials. Timing for the establishment of the new institution and its precise relationship to existing government entities including the BNDES are still being worked out, says a spokeswoman at the ministry of development, industry and trade. “The idea is to de-bureaucratize the process [for exporters,]” says the spokeswoman. She notes that companies seeking financing support face a labyrinthine procedure that begins with Banco do Brasil and relies on distinct entities providing services like exporter insurance and credit lines. No size for the new bank’s balance sheet has yet been made public, say officials.