LatinNews Daily - 22 September 2025

*Brazil’s state development bank (BNDES) has approved the release of R$1.2bn (US$225m) in credit for the government’s ‘Brasil Soberano’ (Sovereign Brazil) plan, an initiative announced in August by President Luiz Inácio Lula da Silva which aims to support Brazilian companies impacted by the steep US tariffs which took effect on 6 August. The bank had received funding requests totalling R$3.1bn, which means that R$1.9bn of requested funding is still under review. Of the R$1.2bn approved, 84% will support firms in the manufacturing sector, 6.1% will support agriculture, 5.7% for trade and services, and 4.2% for extractive industries. In a press release, the president of BNDES, Aloizio Mercadante, is cited as hailing the Lula administration’s commitment to supporting Brazilian businesses, highlighting that this is just the beginning of the Brasil Soberano plan. When Lula first unveiled the initiative in August, he said that the government will open a credit line totalling R$30bn to mitigate the impact of US tariffs.

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