Haddad says that credit line to Argentine importer will not involve risks for banks

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A new line was announced this Monday, after a meeting between President Luiz Inácio Lula da Silva and the President of Argentina, Alberto Fernández, in Buenos Aires. The Ministers of Finance of Brazil, Fernando Haddade, and of the Economy of Argentina, Sergio Massa Reproduction/TV Brasil The Minister of Finance, Fernando Haddad, said this Monday (23) that the new line of credit for Brazilian products will not involve risks for banks. The new line was announced this Monday, after a meeting between President Luiz Inácio Lula da Silva and the President of Argentina, Alberto Fernández, in Buenos Aires. The objective, according to the Brazilian government, is to increase exports from Brazil to Argentina. According to Haddad, there will be no risk for Brazilian banks offering the new line because the operation will be guaranteed by the Export Guarantee Fund (FGE), backed by real guarantees, such as commodities. “We are going to provide a guarantee fund, which is a sovereign fund, which will guarantee letters of credit for Brazilian exporters,” said Haddad. The details of the new line should be finalized in February, according to the Minister of Economy of Argentina, Sergio Massa. Meetings between the economic teams of the two countries and also between the central banks will take place next month.

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