AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 26 December 2013, the Brazilian Foreign Trade Board (CAMEX) issued Resolution No. 126, replacing Resolution No. 45 of 2009 and reforming the Export Financing Programme (PROEX) for Brazilian companies. The programme attempts to reduce the national trade deficit by increasing export-led growth. It is financed by the Brazilian National Bank (Banco do Brasil) and intends to provide Brazilian export companies with financial conditions, comparable to those on the world market.
All exporting companies with a gross revenue of BRL 90 million (USD 34 million), up from BRL 60 million (USD 23 million), are eligible for PROEX financing. Furthermore, the programme now also covers marketing companies with a gross revenue of BRL 600 million (USD 225 million) and is applicable to a large amount of exported goods and services.
The reform went into effect on 30 December 2013.