Responsible for covering any defaults on Student Financing (Fies), the Fies Guarantee Fund (FG-Fies) will receive R$ 500 million from the Union. The transfer was authorized by concierge signed by the Minister of Finance, Fernando Haddad, published today (30) in Official Diary of the Union.
The Ministry of Finance also published today a dispatch which gives the Union guarantee for the Regional Development Bank of the Extreme South (BRDE) to borrow US$ 50 million from the Inter-American Development Bank (IDB). The operation will be guaranteed by the federal government, subject to counter-guarantees by BRDE and the government of Rio Grande do Sul. The guarantees are used to cover eventual defaults.
According to the order, BRDE, the development bank for the states of the Southern Region, will use the loan to partially finance the Emergency Program for Mitigating the Economic Effects of the Coronavirus (Prosul Emergencial). This program provides subsidized credit to help businesses affected by the COVID-19 pandemic.
