In a move designed to increase opportunities for U.S.-based exporters, Ex-Im Bank of the United States is investing in a series of infrastructure projects in new economic hotbed Brazil.
Ex-Im, the nation’s official export credit agency, authorized $1 billion this week to help grease the wheels, so to speak, for exporting of goods and service to be used in a serious of infrastructure projects around Rio de Janiero. Among them, will be stadiums and other venues related to Brazil’s sought-after status as host to both the FIFA World Cup (soccer) and the Olympics within the next decade. The $1 billion in financing will be available for the state of Rio de Janiero to borrow to finance purchasing supplies from U.S.-based companies to complete the work.
“Brazil is an emerging economy with extensive infrastructure needs, and this authorization will provide further opportunities for American exporters and small business owners…it is important that we encourage our businesses to compete globally,” said Ex-Im Chairman/President Fed Hochberg.
Note: In-depth sessions focused on doing business in Brazil will be featured both at NACM’s 2011 Credit Congress in Nashville in May and FCIB’s 2011 I.C.E. Conference in Chicago in April. Click the highlighted links for information on each event or to register. See more on Brazil in the upcoming edition of NACM eNews, available on the afternoon of March 31.
Brian Shappell, NACM staff writer