March 22, 20 - 5:12 pm - LABS

Development bank of Brazil announces $10.9 billion to aid firms and workers

The Brazilian National Bank for Economic and Social Development (BNDES) announced on Sunday measures totaling BRL 55 billion ($10.9 billion) to mitigate the effects of the coronavirus pandemic on the country’s economy, according to Folha de S. Paulo.

Most of the money will be directed to “give tranquility and cash relief to Brazilian companies” of various sectors; BRL 20 billion will be transferred to a federal severance pay fund that workers may access and BRL 5 billion will go to credit lines aimed at small and medium-sized businesses.