BNDES opens R$22.6bn Brazil Sovereign 3 loan window for exporters hit by US tariffs

BNDES begins accepting loan requests for the third phase of the Brazil Sovereign Plan, with R$22.6bn in resources (R$13.5bn from Treasury, R$9bn from BNDES). The program, created in 2025, targets Brazilian exporters affected by US tariffs; BNDES increased its own participation from R$5bn to R$9bn. This expands state-backed credit to mitigate tariff impacts, signaling continued trade friction with the US.