Brazil opens up $2.9 billion of credit for exporters hit by Middle East tensions

SAO PAULO, March 25 (Reuters) - Brazil's government has issued an executive order establishing 15 billion reais ($2.87 billion) in credit lines managed by state development bank BNDES [RIC:RIC:BNDES.UL] to support companies hit by geopolitical instability, it said on Wednesday.

• The package is aimed at exporters and companies considered strategic to Brazil's trade balance, the government says.

• The order was prompted by heightened international uncertainty, it said, citing conflict in the Middle East and the impact of U.S. tariffs.

• "Brazilian companies whose exports have been affected by the war in the Middle East can now access government-backed credit," Brazilian Vice President Geraldo Alckmin said on X.

• The funds will be available through the Brasil Soberano program, an aid package created last year to support companies affected by tariffs imposed by U.S. President Donald Trump.

• The head of BNDES said last week that a new phase of the program could be launched to address effects of the oil market crisis.

• The measures take effect immediately but must be approved by Congress within four months to remain in force.

($1 = 5.2185 reais)