Brazil’S BNDES To Fund Embraer Aircraft Production, Exports
Date
11/14/2022 2:07:02 PM
(MENAFN- Brazil-Arab News Agency (ANBA))
São Paulo – Brazil's state development bank BNDES will finance the Brazilian firm Embraer S.A.'s aircraft production and exports , the financial institution announced on Monday (14). The company will receive BRL 2.2 billion (USD 413 million) through the BNDES Exim Pre-Shipment credit line that finances export of goods.
“Credit operations are important for getting Embraer's aircraft production back to pre-pandemic levels and reinforce the strategic partnership between BNDES and Embraer that started in 1997, thus consolidating the support that BNDES gives the aviation industry and Brazilian aircraft exports,” BNDES director Bruno Aranha was quoted as saying in a statement.
According to the bank, the move reinforces Embraer's recently announced USD 650 million revolving credit facility with a group of national and international financial institutions. BNDES reported that the completion of the funding will be subject to factors such as the fulfillment of prior conditions established by BNDES and the signature of the respective contract.
Embraer CFO Antonio Carlos Garcia said that coupled with other operations with Brazilian and international financial institutions, the move reinforces the firm's credibility to access financial resources that will contribute to implement Embraer's growth plan . The aviation sector is strategic for Brazil due to the high technology involved, skilled labor, and the capacity to drive innovation with positive impacts for the economy.
BNDES is affiliated with Brazil's Ministry of Economy and aimed to provide long-term financing for endeavors that contribute to the Brazilian economy. Embraer is a Brazil-based multinational aerospace manufacturer, with business in commercial and executive aviation, defense and security, and agricultural aviation. The company has delivered over 8,000 aircraft in Brazil and elsewhere.
Translated by Guilherme Miranda
Embraer/Supplied
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