BNDES - Brazilian Development Bank

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Supplier’s credit

Refinancing for acquisition of goods and/or services eligible for the BNDES’ support, through the discount of credit instruments (promissory notes or bills of exchange) or the assignment of the letters of credit related to exports, in accordance with the BNDES’ criteria and international standards.

Buyer’s credit

Financing for importers to acquire goods and/or services provided by Brazilian exporters and listed as eligible for the BNDES’ support.


Export companies of any size, established under Brazilian law, including trading companies or commercial export companies.

Eligible items for support

Goods and/or services - See list of goods eligible for the BNDES’ support.

Level of Participation

Up to 100% of the export value, in any INCOTERM.

Interest Rate

Financial Cost + BNDES spread + cost of the guarantee

Financial Cost

LIBOR corresponding to the term

BNDES Spread

Established on a case-by-case basis.

Other Charges and Fees

These are established in accordance with the characteristics of the transaction.


Up to 15 years.

Guarantees and Collaterals

  • Foreign Banks and Multilateral Organizations
  • Brazilian Financial Institutions
  • Exporter/Importer’s Direct Risk
  • Export Credit Insurance
  • Others (case-by-case analysis)

Export Credit Insurance must cover all credit instruments (promissory notes and bills of exchange) including commercial, political and extraordinary risks involved.

In Brazil, this instrument is operated by private insurance companies in the short term and by the federal government in the long term.

See list of Foreign Financial Institutions accepted as Guarantors.


The request for financing should be formally presented to the BNDES by the exporter.  

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