Brazil’s top bank stops funding national defense sector.

TLDR:

• Banco do Brasil, one of the largest banks in Brazil, has announced that it will no longer use its own resources to finance defense companies.
• The move affects part of the funds from Proex, a federal government mechanism that provides resources for Brazilian companies exporting goods and services.
• The decision could have catastrophic effects on defense companies in Brazil, as they rely on financial tools and guarantees from Banco do Brasil to export their products.
• The Defense Ministry has stated that it is working with Banco do Brasil and other government agencies to find a solution to the issue.

Banco do Brasil, one of the largest banks in Brazil, has announced that it will no longer use its own resources to finance defense companies. This move affects part of the funds from Proex, a federal government mechanism that provides resources for Brazilian companies exporting goods and services. The bank’s decision could have catastrophic effects on defense companies in Brazil, as they rely on financial tools and guarantees from Banco do Brasil to export their products. The Defense Ministry has stated that it is working with Banco do Brasil and other government agencies to find a solution to the issue.