Brazil's Chamber Approves Export-Credit Overhaul, Sends Bill to Presidential Sanction

Overview

• The Chamber passed PL 6,139/2023 by 340–108 with one abstention, creating a consolidated System of Official Support to Export Credit and completing congressional approval.
• FGCE rules are reformed to expand coverage, with the Union obligated to honor guarantees if the fund’s assets fall short and any excess exposure recorded in the LDO’s fiscal risk annex.
• Coverage priorities now include green and high‑technology projects, internal civil aviation operations, and Brazil’s share of binational initiatives.
• Private financiers and insurers may act as indirect operators, and a single online portal will centralize applications with simultaneous analysis and greater transparency.
• BNDES faces stricter transparency and reporting duties, must focus export credit on productive activities and commercialization, and is barred from new loans to delinquent foreign governments absent a formal renegotiation.