Brasília, February 10, 2004 (Agência Brasil - ABr) - The Bank of Brazil (BB) and the Japonese Bank of International Cooperation (JBIC) signed a US$ 70 million agreement for long-term financing of Japanese machinery and equipment. This is the fifth time the JBIC has provided this credit line.

According to the executive manager of the international area of the BB, Eduardo Nascimento, what is new is that the funds will be available in both yens and dollars. "Previously, this credit was available only in yens, making transactions difficult for some entrepreneurs," he said.

Nascimento explained that any Brazilian businessman can go to an agency of the BB to obtain the credit. The advantages, according to him, are the lower cost of products and a repayment period that varies from two to ten years, depending on the amount and the item purchased.

The BB foresees that these credit lines, such as the one signed yesterday (9), will grow in the years to come. According to Nascimento, with the improvement of Brazil's credibility internationally, the Japonese bank has given greater emphasis to business with Brazil. "This is mainly due to the paths that the Brazilian economy is following," he said.

Nascimento informed that a new agreement, involving a greater volume of funds than this one, should be announced very shortly. (DAS)