The Foreign Trade Chamber (CAMEX) and the Central Bank of Brazil (BCB) updated the dispositions of the Brazilian Export Financing Program (PROEX), which provides export credit to Brazilian exporting companies. The revision seeks to simplify and modernize the program, in alignment with international best practices.
The Foreign Trade Chamber (CAMEX), through GECEX Resolution n. 166/2021, and the Central Bank of Brazil (BCB), through CMN Resolution n. 4.897/2021, revised the Brazilian Export Financing Program (PROEX), designed to provide financial support to Brazilian companies exporting goods, especially Small and Medium Enterprises. The revision aims at simplifying and modernizing the program, in line with international best practices.
Through PROEX, Brazilian companies can request access to export credit in two modalities:
- PROEX-Financiamento: direct financing, applicable to companies with up to BRL 600 million in annual revenue; and
- PROEX-Equalização: equalization of financial conditions, applicable to all companies. Equalization must be requested (to the PROEX Federal Financial Agent) through the Single Foreign Trade Portal (SISCOMEX), before the goods are exported.
PROEX conditions are bounded by maximum financing periods, ranging from 6 to 180 months, in accordance with product complexity and the listed OECD sector understandings for export credit.
The aforementioned GECEX resolution provides PROEX’s product coverage by Mercosur Common Nomenclature Codes (NCM, in the Portuguese acronym) in its annexes “I”, “II”, and “III”, and maximum financial periods for the listed OECD sector understandings in annex “IV”, in accordance with article 20, if applicable.
According to the Ministry of Economy, PROEX’s revision is the first step in reforming the federal export support system, adhering to GECEX Resolution n. 12/2020. The reform aims at improving efficiency and compliance with international standards.
