Brazil’s state-run banks try to boost sagging industries

Rogerio Jelmayer – The Wall Street Journal, 8/19/2015

Brazil’s government will use state-run banks to help out local industries that are suffering because of the country’s poor economy.

Banco do Brasil SA and Caixa Economica Federal, both state-controlled banks, will provide credit lines with lower interest rates for certain industries, mainly auto makers, the lenders said Wednesday.

Banco do Brasil will offer a new credit line worth 9 billion reais ($2.6 billion) to various sectors of the economy, including 3.1 billion reais for the auto sector. The bank didn’t say what other sectors will benefit from the program.

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