The memorandum formalizes the interest of both institutions in establishing a joint cooperation initiative which aims to provide financial support for projects of Brazilian and Japanese interest to be developed in other countries, with a special focus on projects in Africa, Latin America and the Caribbean.

Disbursements from the BNDES reached R$ 24.5 billion in the first quarter of this year, almost on par with the same period last year. Meanwhile, consultations and eligibilities of projects in the Bank grew significantly.

The board of directors of the BNDES approved R$ 373.5 million in financing to Renault Brazil for the company’s three-year engineering program and some social initiatives. The BNDES’ resources, which represent 67% of the total investments, are from the BNDES’ Engineering Support Program (BNDES Proengenharia) and Investment Maintenance Program (BNDES PSI).

As part of the measures announced by the federal government to stimulate investment, the BNDES has significantly reduced the cost of its financing for machinery and equipment, extending loan terms and its maximum levels of participation.