Export Finance Program – PROEX

At session of June 30, 2004, the National Monetary Council (CMN) decided to reshape de criteria applicable to the interest equalization system of the Brazilian Export Finance Program – PROEX, a matter dealt with by Resolution nº 3219, whose main provisions are commented on ahead.

Financing to the exportation of goods and services, including software¹, qualify to PROEX. The equalization consists of the benefit given by the National Treasury to the financer or refinancer, as the case may be, sufficient to make financial charges (interest rates) compatible with those found in the international market, it being payable with National Treasury Notes series I (NTN-I). The National Treasury’s finance agent for PROEX purpose is Banco do Brasil S.A. During the financing time, equalization is fixed and shall not exceed the rates set by the Brazilian Central Bank (Bacen).