Development bank promises BRL 35 billion into the economy

. Mar 22, 2020
Time to trust Brazil's economy Banks believe so bank Photo: Gonzalo Aragon/Shutterstock

The Brazilian Development Bank (BNDES) announced an injection of BRL 35 billion into the Brazilian economy.

Another BRL 19 billion will be used by the BNDES to support companies, and other BRL 11 billion will go toward refinancing debts. Very small, small and medium companies will receive specific credit lines, with BRL 5 billion directed to businesses with up to BRL 300 million in annual revenue, limited to BRL 70 million per borrower.

The goal is to help 150,000 companies which employ 2 million people.

Last week, the government had announced that the mandatory fund for length of service FGTS—a fund used for unemployment insurance—will receive BRL 20 billion to support workers. 

This post has been updated.

Brenno Grillo

The Brazilian Report's correspondent in Brasília, Brenno has worked as a journalist since 2012, specializing in coverage related to law and the justice system. He has worked for O Estado de S. Paulo, Portal Brasil, ConJur, and has experience in political campaigns.

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