President Luiz Inácio Lula da Silva sanctioned a law aimed at supporting exports, but removed from it the main measure approved by Congress: the creation of a fund to finance Brazilian companies that sell products and services abroad. Although the Export Credit Fund (FCE) continues to be cited in the name of the law, it will not be created, as Lula vetoed all nine articles that defined how the fund would operate.
The FCE could provide loans for working capital, purchase of machinery and equipment, and new investments. BNDES would be responsible for operations and could accredit other banks and financial technology companies, known as fintechs, to participate in the financing.
According to the government, it was not demonstrated that creating a new public fund would be necessary, since the country has other instruments to support exports. The Presidential Palace also stated that the 2026 Budget Guidelines Law prohibits the creation, this year, of funds intended for financing.
