ANNOUNCEMENT 25 Jan 2021
The National Bank for Economic and Social Development of Brazil (i.e. BNDES by its acronym in Portuguese) approved BRL 450 million to support the exportation of Brazilian-made aeroplanes.
NUMBER OF INTERVENTIONS
BNDES News Agency. Agência BNDES de Notícias. "BNDES aprova primeiro financiamento a exportação de aviões da Embraer com seguro de crédito privado" de 25/01/2021. Available at: https://agenciadenoticias.bndes.gov.br/detalhe/noticia/BNDES-aprova-primeiro-financiamento-a-exportacao-de-avioes-da-Embraer-com-seguro-de-credito-privado/
On 25 January 2021, the BNDES announced the funding of an export operation carried out by Embraer, a Brazilian aeronautics company that manufactures aeroplanes. The total funding approved was BRL 450 million (over USD 82.3 million).
The objective of the resources was to assist Embraer with the exportation of E175 aeroplanes bought by SkyWest Airlines, a north-American airline.
The export operation was financed via the Exim Pós-embarque credit line offered by the BNDES. This credit line is only opened to companies exporting Brazilian-made goods or services, and court with an interest rate composed of the LIBOR + BNDES 0.9% annual interest + risk interest rate (calculated on an individual basis). The funding has a term of up to 15 years.
Notably, it is the first time that the BNDES approves an export finance operation guaranteed by private credit insurance.
In the past, exports carried out by Embraer have been supported on several occasions by the BNDES (please, see related state acts).