Brazil’s federally owned Banco do Brasil (BB) was very much in the news as it boosted its Proex export financing by 55.6% in October to US$54.4m, compared to the same month last year.
Proex is a special credit line for local exporters. BB had sought to extend its Proex client base by capturing more small- and medium-sized exporters. During the first 10 months of this year, 68% of Proex financing was directed to exporters of that size, while 70% of loans were under US$100,000.
In October, exporters of services were the main beneficiaries of Proex financing receiving US$177m, followed by machinery and equipment exporters and the transport sector, with loans of US$48m and US$40m respectively.
