ANNOUNCEMENT 27 Aug 2009In August 2009, the government of Brazil announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
1. Valor Econ?mico. Proex financiar? pr?-embarque de pequena empresa. 27/09/09;
2. MDIC Press Release. Camex cria Proex Financiamento para micro, pequenas e m?dias empresas. 26th August, 2009: http://www.mdic.gov.br/sitio/interna/noticia.php?area=1¬icia=9271
3. Law n? 11.499, published the 28th of June, 2007. (establishes the pertinent rules for the financing);
4. Resolution CAMEX n? 45, published the 26nd of August, 2009 (establishes the guidelines for the utilization of PROEX);
5. Portaria MDIC n? 232, published on the 12th of December, 2007. (contains list of products which are eligible for financing under PROEX).
6. CAMEX resolution no. 126 of 26 December 2013, published in Official Gazette of 30 December 2013 (in Portuguese): http://www.camex.gov.br/legislacao/interna/id/1177
Companies with gross annual income up to R$ 60 million will be able to obtain credit from the Export Financing Program - PROEX for the production of goods destined for export.
PROEX is a public program for the financing of exports of goods and services. It is operated by Banco do Brasil and its funding comes from the National Treasury.
The new measure was published in Resolution CAMEX nş 45, on the 26th of August, 2009, and it enlarges the previous scope of the PROEX since it finances the pre-shipment phase, while previously PROEX covered only the post-shipment phase.
PROEX has earmarked 10% of its budget, US$ 130 million, for this program (Valor Econômico, 27th August, 2009). The program will finance up to 100% of the invoice value of the product to be exported. Under Article 2 (e) of Resolution nş 35, the interest rate to be applied is the rate prevailing in the international market.
On 21 October 2010, the government also specified a range of service sector eligible for the subsidy scheme (see related measure).
On 30 December 2013, the Brazilien Foreign Trade Council (CAMEX) released resolution no. 126 replacing CAMEX no. 45/2009 (see related measure).