Brazil’s state development bank BNDES has approved BRL1.6bn ($300mn) in loans to help exporters affected by the US tariff hikes introduced in August, the bank said, Xinhua reported.
The funding comes under President Luiz Inácio Lula da Silva’s Sovereign Brazil Plan, aimed at diversifying trade and reducing reliance on the US market.
The measure follows US President Donald Trump’s 50% tariff on Brazilian exports, covering nearly 3,800 items, though some sectors — including orange juice and aircraft — were exempted.
In this initial phase, BNDES cleared 47 loan applications through its Giro Diversificação credit line to support companies targeting new export destinations.
Largest allocations went to food and manufacturing sectors, including sugar (BRL220mn), electrical equipment (BRL191.1mn) and coffee (BRL108.9mn).
The loans will back exports to markets such as Switzerland, the UK, Canada and neighbouring Latin American countries.
BNDES President Aloizio Mercadante said 66 additional credit requests, totalling BRL2bn, are under review.
“Brazil has the capacity to adapt quickly, and BNDES’s role is to ensure that no viable company is left without support in this process,” he said.
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