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BNDES signs partnership with Danish export support agency

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BNDES signs partnership with Danish export support agency

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Headquarters of the National Bank for Economic and Social Development (BNDES) in Rio de Janeiro, Brazil (Photo: Pilar Olivares / Reuters)

The president of the National Bank for Economic and Social Development (BNDES), Gustavo Montezano, signed today (15), in Rio de Janeiro, memorandum of understanding with the vice president of the Danish Export Credit Agency (EKF), Jan Vassard , with the objective of promoting cooperation between the two institutions. The agreement is valid for two years and may be renewed for an equal period.

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EKF is controlled by the Danish government. The agency's main clients are small and medium-sized companies, although it is expanding its participation in infrastructure projects in other countries, especially in the wind energy segment. EKF supports the exportation and internationalization of Danish companies by granting credit and guarantees to enable export activity and to cover political and commercial risks, according to BNDES.

In 2018, EKF helped Denmark generate more than $ 5 billion in revenue, accounting for the creation and maintenance of 14,600 jobs. The partnership signed on Wednesday aims to strengthen economic, financial, industrial and commercial relations between Brazil and Denmark.

Collaboration
BNDES president Gustavo Montezano stressed that it is essential for Brazil today to have different international partners. "Collaboration is the keyword," said Montezano. According to him, one of the assets that the bank intends to share with EKF is the knowledge accumulated by the Brazilian development institution in 67 years of existence. He stressed that the success of BNDES "will no longer be measured by disbursement, but by the amount of business attracted to Brazil."

The commitment made on Wednesday signals a new bilateral business opportunity, as BNDES and EKF have already undertaken co-financing operations, such as support to the Mining Company Margin. The cooperation allows the insertion in the national market of companies operating in Denmark, mainly in the wind energy sector. An example are the companies Vestas and Siemens Gamesa, which have wind turbine plants installed in Brazil.

The partnership also foresees possibilities for the export of Brazilian companies to Denmark and the construction of new financial structures, which make it possible to carry out investments of interest to both countries. Montezano added that the bank could improve its knowledge of new export support mechanisms, which it considers important at the moment BNDES was called to contribute to the restructuring of the official export support system in Brazil.

In the opinion of the vice president of EKF, the agreement signed today will be beneficial for both countries.

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