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JBIC of Japan and Brazil sign protocol for loan for equivalent of 300 million Yen for BNDES

NEW ORLEANS - Brazil’s Planning Minister Martus Tavares and the managing director of the Japan Bank for International Cooperation (JBIC), Youseki Nagase, today signed a protocol for a loan equivalent to 300 million yen to support a credit program of the Banco Nacional de Desenvolvimento Econômico e Social (BNDES).

The document was also signed by two other BNDES officials, Vice President José Mauro Mettrau Carneiro da Cunha, and the director of international administration and finance, and Isac Zagury.

Inter-American Development Bank President Enrique V. Iglesias signed as a witness.

The ceremony was held in conjunction with the IDB’s Annual Meeting of the Inter-American Development Bank.

The Japanese loan will provide cofinancing support to a $1.1 billion IDB loan signed by the IDB and BNDES in 1999 to support a financing program, using financial intermediaries, for small and medium-sized Brazilian companies.

The IDB operation was part of a record $4.5 billion package approved for Brazil to protect social programs and economic reforms while the country met the challenge of international turbulence on financial markets.

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