State-controlled bank to expand credit for small and medium-sized firms

Banco do Brasil, Brazil’s biggest state-controlled bank, has announced it will release another BRL 6 billion (USD 1.26 billion) in credit for the country’s small and medium-sized businesses. The bank’s president Fausto de Andrade Ribeiro noted that the institution has now made a total of BRL 210 billion available for loans to firms across the country.

The announcement was made on Wednesday during an event at the President’s Office, and the Economy Ministry is expected to release a more detailed statement on the credit measure. During the same event, President Jair Bolsonaro ratified a law that includes very small businesses in Brazil’s Small Business Support Program (Pronampe).

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