The government-run Brazilian Development Bank (BNDES) has slashed its requirements for local content in awarding of loans to Brazilian businesses. Businesses will now be asked to show proof that just 30% of equipment and raw materials to be used in their investment programs be produced in Brazil. The previous requirement was 60%. The BNDES said it was taking the action in order to make Brazilian companies more competitive, especially in export markets.
Link to UOL news agency report