Day: July 20, 2020

Eletrobras approves $ 470 mm to Eletronuclear for Angra 3

Eletrobras informed that the company’s board of directors approved the granting of an advance for a future capital increase (Afac) of its subsidiary Eletronuclear, an operation that aims to speed up measures for the resumption of work on the Angra 3 nuclear power plant. The operation with its nuclear generation subsidiary will involve R$ 1.052 billion ($ 202 mm) in 2020 and R$ 2.447 billion ($ 470 mm) in 2021.

BNDES approves $ 2.3 bn in suspension of loan payments

BNDES reported that it reached R$12 billion ($ 2.3 bn) in the approval of temporary suspensions of payments of loan instalments contracted with the institution. The measure, known in the market as standstill, is being granted for up to six months to more than 28,500 companies, in about 77,700 financing contracts, in direct and indirect modalities.

Brazil says in G20 that measures against COVID-19 are 10% of GDP

The fiscal impact of the Brazilian program to support the economy due to the covid-19 reaches almost 10% of GDP, but the measures help to mitigate the negative effects on the growth of local activity. These were some of the observations made by Brazil during the financial meeting of the G20 group. The percentage is higher than the average of 5.8% of advanced economies and 4.1% of developing countries, according to the government.

Brazilian Congressmen conclude MP to release $6 bn to SMEs

With entrepreneurs hanged by the economic crisis, the House of Representatives concludes the provisional measure (MP) 944, which has the potential to inject up to R$ 32 billion ($6 bn) in subsidised credit to SMEs. Almost 60% of the resources should go to “Pese”, a credit line administered by BNDES to incorporate the payroll of SMEs, the program lent a little over 10% of the R$ 40 billion ($7.7 bn) available.

Brazilain Pork exports grow 33% in 2020

Pork exports are expected to grow about 33% by the end of 2020, totalling 1 million tons, compared to 750,000 tons last year, according to ABPA. According to the entity, African swine fever has caused Asia to use the Brazilian product. Thus, Brazilian pork production should also increase, and APBA estimates that 4.2 million tons will be produced, against 3.9 million in 2019, an increase of about 6.5%.