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LatinNews Regional Monitor: Brazil & Southern Cone - 16 March 2020
In brief: Brazilian banks to offer credit to mitigate Covid-19 impact
* After a meeting with Brazil’s Economy Minister Paulo Guedes, the chief executives of state-owned banks Banco do Brasil (BB) and Caixa Econômica Federal (Caixa) have announced that they will make credit available to businesses which run into financial difficulties as a consequence of the coronavirus (Covid-19) pandemic. Pedro Guimarães, CEO of Caixa, said that R$30bn (US$6.17bn) will be allocated to purchase credit portfolios and cover loans for the purchase of vehicles from medium-sized banks that are facing difficulties; R$40bn will cover working capital, principally for businesses in the real-estate sector and small and medium sized enterprises (SMEs); and R$5bn will be allocated to agricultural credit. BB CEO Rubem Novaes did not specify what amount of credit the bank would make available, but noted that it will principally attend to SMEs.
