SUMMARY
The Brazilian market for telecommunications
equipment and services amounted to approximately US $25.3
billion in 2002, a 20 percent decrease as compared to the
previous year. Telephony services accounted for 59
percent of this amount, products for 27 percent and other
services 14 percent. This represents an 11
percent decrease as compared to the previous year. The
main reason for this was the unfavorable economic
situation and the presidential election.
Furthermore, the majority of the investments in the sector
were made in 2001 to comply with Anatel's goals - Anatel
is the Brazilian Telecommunications Body equivalent to FCC
in the United States. As a result, the total revenue for
the sector grew less than the national GPD (1.5 percent
vs. 1.2 percent). For 2004, however, market
analysts predict that the sector will begin to accelerate,
with an estimated growth of 13 percent.
In spite of these less than favorable
results, growth forecasts for the Brazilian
telecommunications market were optimistic at the beginning
of 2003, with several segments of the market showing good
opportunities for U.S. companies interested in expanding
their sales to Brazil. Growth areas include particularly
the market for all broadband related products and
services.
OEMs are particularly optimistic about the
Asymmetric Digital Subscriber Line (ADSL) technology.
This sector experienced significant growth in 2002 and
enjoys good perspectives for the years to come, basically
because it does not require large investments but can
generate revenue for telecom carriers.
Currently, Brazil has approximately 40.9 million
subscribers of fixed telephones, but some 2 million lines
are disconnected. With regard to the mobile market,
according to Anatel, there are 41.3 million mobile phones;
this means that Brazil currently has more mobile phones
than fixed lines in operation.
Broadband services via satellite are still
very limited due to high costs associated with this
service.
1. MARKET
OVERVIEW
Brazil is the fifth largest country in the
world in terms of area, after Russia, China, Canada, and
the United States. It makes up nearly half the total area
of South America, bordering every country except Chile and
Ecuador. With a population of approximately
170 million people, it is ranked as the sixth most
populous nation in the world. The only
Portuguese-speaking nation in the Americas, Brazil has by
far the largest economy in Latin America with an estimated
GDP of USD 407.7 billion and an annual growth rate of 1.5
percent (2003 estimate).
Brazil has the largest telecommunications
sector in the region, but in the last two years the sector
has been affected by the global downturn faced by the
telecommunications industry. Net revenue for
telecommunications equipment and services in 2002 was
approximately $ 25.3 billion, a 20 percent decrease as
compared to 2001. Telephony services
accounted for 59 percent of this amount, products for 27
percent and other services 14 percent.
Since the privatization of the Telebrás
system in 1998, competition has grown in all segments of
the Brazilian telecom arena. Several major players have
entered the market, infrastructure was intensively built
up, prices decreased, and telecom services are now more
available than ever. Brazil is Latin
America's largest Information Technology (IT) market and
the broadband segment in particular enjoys the best
prospects for the near future. For detailed information
about the Brazilian market for telecommunications, please
visit
http://www.BuyUSA.gov/
document ID: 112822 - TELECOMMUNICATIONS MARKET IN BRAZIL
2. THE
BROADBAND MARKET IN BRAZIL
The broadband market experienced impressive
growth in 2002. Internet use and PC penetration in Brazil
are the highest in Latin America. In fact,
the Internet is having a profound effect on Brazil, and
Brazilians have rapidly become the Latin American leaders
in technological innovation and Internet applications.
Today, Brazilian users are ranked even higher than
Europeans in time spent and relative usage of audio-visual
content, e-banking and e-commerce.
According to the International Data
Corporation (IDC) there are 695,000 subscribers to
broadband in Brazil for all types of technology. This
represents an increase of more than 100 percent as
compared to the previous year. By the end of
2003, the telecom carriers expect to have up to 1.3
million subscribers for this service, an impressive growth
as compared to only 124,000 subscribers in 2000. Just to
have an idea of the huge potential for this market, as of
August 2003, Brazil had 39 million telephone lines
installed. Of this amount, about 15 to 20
percent belong to subscribers in the upper-medium income
to upper income households - 5.8 to 7.8 million people,
which mean that there are lots of customers to attract if
we take into consideration only this portion of the
population.
To face the rising demand for broadband
services, the telecom carriers have increased their
investments in 2003 with the ADSL technology that is
slowly replacing the dial-up service. Most carriers have
decided to generate extra revenue by focusing on the
corporate segment with special attention to the small to
mid-size companies (SMEs) and the SoHo (Small Office Home
Office) market. SMEs represent more than 80
percent of the business and there are excellent
opportunities for U.S. companies supplying this
technology.
The major challenge for the telecom
carriers is to decrease the price of services, but the
competition between the OEMs that provide the
infrastructure for these services is forcing prices down
in any case. As an example, the price of the DSLAM
(Digital Subscriber Line Access Multiplexer), the
equipment that interconnects the broadband client to the
carrier, dropped from US $250 in 2002 to US $100 at
present. OEMs are thus preparing to satisfy
the demand for equipment. Alcatel and Siemens intend to
start the production of DSLAN in country in 2003, and U.S.
Robotics has invested one million dollars to start
producing their modems in a partnership with Solectron.
This company is also studying the deployment of
equipment devoted to the Wi-Fi (Wireless Fidelity) market.
Wi-Fi is considered the big emerging
solution in terms of technology. Just like any other
revolution, curiosity, discussions and doubts surround
this new service. Creative companies that
provide good solutions for Wi-Fi may enjoy good
opportunities in Brazil.
The penetration rate of cable broadband in
Brazil is very low as compared to other Latin American
countries because the price of the service is considered
very high. According to Anatel, there are nearly 11.6
million residential Cable TV subscribers; of this number,
2.3 million pay-TV users are connected through MMDS
technology. The number of Internet users via
cable modem increased from 88,000, in 2001, to 131,000 in
2002. This amount represents 19 percent of the total
broadband users in Brazil.
Until recently, the only benefit of
broadband in Brazil was providing Internet access at
speeds higher than those offered by dial-up connections.
Nevertheless, the emergence of new on-line services is
transforming the demand for high-speed access.
In the past several months, there has been an
explosion in the development of content specifically
intended for broadband applications. The transmission of
television programs, video on-demand, on-line games,
videoconferencing, etc., are but a few examples of the
revolution in new services now being offered to Internet
users.
According to market specialists, technology
will pave the way for a true revolution in the ability of
lower income segments to access information, an essential
component in Brazil's quest to speed up the pace of its
race toward development. Similarly, once broadband has
been made available in both public and private schools and
universities throughout the country, it will turn bold
educational projects, such as distance education, into a
reality.
Today Brazil is the ninth largest Internet
market in the world, and the first in Latin America with
the most advanced Internet and e-commerce industries. The
Brazilian e-market continues to grow at a steady pace,
thanks to the rapid expansion of the telecommunications
sector in the past years. The Internet is
having a profound effect on Brazil, and Brazilians have
rapidly become the Latin American leaders in technological
innovation and Internet applications. From e-gov to
e-business, from real-time news to state-of-the-art
software solutions, Brazil's profile in the Internet is
growing.
This sector continues to receive
significant investments, especially in broadband. Some of
the factors influencing this growth are: (1) large user
base, (2) state-of-the-art banking equipment, (3) large
local retailers with strong brand recognition, (4) a wide
array of Portuguese language content providers, and (5)
the Brazilian Government's new project to extend Internet
access to all citizens.
Currently, dial-up connections using the
public telephone network represent the primary method of
Internet access in the residential and SoHo markets. The
low penetration rates among these segments stem primarily
from the cost of the service and the unequal distribution
of income in country. Fierce competition
among Internet Service Providers has caused access costs
to fall, but the market penetration is still considered
very low as compared to the size of the population.
Unequal income distribution limits the number of domestic
users, but on the other hand, the web reaches more than 80
percent of the upper-middle and upper classes.
Nevertheless, there has been significant
growth in Internet use by lower income individuals, who
now represent 17 percent of Brazilian net surfers, up from
just 5 percent three years ago. Besides the decrease of
Internet subscription costs and the availability of free
Internet providers, there are other reasons for the
popularization of the Internet among lower-income users:
initiatives to make computers available in schools and
public places, and increased availability of credit lines
for the acquisition of the first family computer.
3. MARKET HIGHLIGHTS AND BEST PROSPECTS
Having met the enormous pent-up demand for
telephony that existed when they acquired their
concessions, most of the telecom companies have settled on
data communication as their top priority. The telecom
sector in Brazil has developed a diversified portfolio of
products to meet the data communications needs of various
markets, in particular the corporate niche and small and
medium enterprises (SMEs.)
According to recent surveys the rollout of
broadband access can help bridge the "digital divide" that
exists between SMEs and large organizations. In Brazil,
SMEs represent 98 percent of the total number of
companies, and studies suggest that approximately 46
percent of their investments will be made to build the
infrastructure for their data transmissions.
A recent survey conducted by Siemens-Brazil of more than
3,000 companies in country has demonstrated that fewer
than 10 percent of the SMEs polled use call center
systems, although such systems can enable significant
revenue gains by enhancing their relationships with their
customers.
Potential solutions that are considered
best prospects for U.S. companies include the following:
-
E-commerce
and e-business applications,
-
E-productivity
applications for individuals (SoHo market) and
organizations,
-
Infrastructure and access
enhancing systems,
-
Knowledge management and
distribution systems,
-
Mobile
(including satellite-based) applications and services
for business,
-
Long-distance
learning and education to enhance management
capabilities.
The following data give an idea of why
the SMEs market is so attractive to telecom operators:
-
Brazil
has 1.9 million companies with less than 250
employees;
-
97 percent of the companies do not have
human resources management solutions;
-
Only
1.7 percent have permanent training programs for the
employees;
-
The SMEs will double their use of
corporate credit cards in 2003.
(Source: Sebrae, IBGE, Credicard and
IDC)
ADSL: Today in
Brazil, broadband access is managed mainly by means of
Asymmetric Digital Subscriber Line (ADSL) technology,
which is dominated by the local telephone companies.
Their control of the telephone network gives them a
virtual monopoly over the provision of ADSL services in
country. However, Anatel plans to adopt measures to
foster competition that will allow for price reductions.
One of the alternatives being studied is unbundling. So
far the companies negotiate individually the cost of
network access but Anatel intends to change this with a
regulation to be put in place by mid 2004.
Due to the high costs associated with the
acquisition of ADSL and the low income of most of the
local population, the Brazilian telecommunications
carriers have decided to focus on the corporate area,
specifically on the small to mid size companies to
increase their revenues in the broadband sector.
According to a recent survey conducted by Yankee Group,
today 76 percent of the ADSL subscribers are domestic but
when it comes to revenues, this amount falls to 63
percent, while the corporate market accounts for 37
percent. For 2003 the Telecom carriers and ISPs believe
that the market will double and may reach up to 1.3
million subscribers.
The companies are also interested in decreasing client
churn for Internet use. Although today the revenues
generated by these services are not profitable, it is
expected that this service will generate more data
services and increased revenues in the long term.
From the OEMs' perspective, ADSL represents
excellent opportunities mainly due to the increase of new
applications such as games and video on demand. Main
manufacturers operating in country are NEC (providing
transmission of multimedia video content in conjunction
with Brasil Telecom, one of the largest telecom carriers
in country), Ericson (DSLAMs and modems to reduce costs
for ADSL solutions to be provided to Brasil Telecom, GVT
and Vant Telecom and other telecom companies) and Lucent,
Siemens and Alcatel (DSLAMs) among others
Below are the most important telecom
carriers offering ADSL broadband services in Brazil:
·
Telefonica - Speedy (Telefônica Spain) is
the leader in the sector with 350,000 subscribers and
potential growth of 50 percent per year. Of this total,
50 percent are corporate services. In order to increase
the number of subscribers Telefonica will launch three or
four different packages and is looking for additional
products to complement their mix of packages. U.S.
companies that can provide such solutions enjoy very good
opportunities in the Brazilian market.
·
Brasil Telecom - Turbo has 190,000
subscribers; 12,000 are corporate. With the recent launch
of a Virtual Private Network Internet Protocol (VPN IP)
product with xDSL technology which permits the traffic of
data, voice and multimedia, Brasil Telecom - Turbo expects
to have at least 20,000 corporate subscribers by the end
of 2003.
·
GVT - Turbonet has currently 8,000
subscribers (15 percent corporate) and hopes to have
15,000 by the end of 2003.
·
Telemar - Velox has 20 percent of its
subscribers (about 20,000 companies, most of them acquired
since October 2002) in the corporate sector. Furthermore,
Telemar has another 80,000 companies using Digital Video
Interface (DVI) technology with two channels providing
voice and transmission of data and image up to 128Kbps.
·
Embratel (MCI Worldcom) is another company
planning to start offering ADSL broadband corporate
services in the next three months. It still does not have
a commercial brand but plans to offer services in cities
with high economic activity.
Cable: In Brazil, the
use of the Pay TV network (DTH, MMDS and Cable TV) is not
exclusive of the network operator. In 1999, Anatel
approved a resolution to allow the use of that
infrastructure by anyone wishing to provide Value Added
Services (VAS), such as Internet access. In addition,
this resolution establishes that the network operator can
only explore VAS through a separate company established
especially for such purpose. As a result, there was a
substantial increase in the number of cable modem users in
Brazil--from 88,000 in 2001 to 156,000 in June 2003. This
amount represents 19 percent of the total broadband users
in Brazil and demonstrates that there is still a vast
market waiting to be tapped by operators.
Although alternative technologies to ADSL currently
provide only an incipient form of broadband access, they
may in the medium term become an important vehicle for
competition in the SoHo market. The licensed pay-TV
operators have great potential for increasing competition
in the big cities where fiber-optic networks are already
in place.
Large providers of cable broadband services include Net
Serviços (12 percent market share), Horizon (9 percent),
Abril (6 percent), among others.
Wireless Access: Due
to Brazil's continental dimensions, wireless access
systems are of fundamental importance for the country. The
huge national territory and insufficient wireline networks
make Brazil a natural candidate for the implementation of
wireless networks.
Fixed Wireless Access (FWA):
In April 2003, Brazil started auctions for frequency bands
3.5 GHz, 10.5 GHz and 28 GHz intended for broadband FWA
applications. According to Anatel, the market for these
bands is estimated at five million subscribers by 2010.
The tender resulted in the authorization of 56 blocks of 2
x 1.75 MHz, in the 3.5 GHz band, and 16 blocks of 2 x 7
MHz, in the 10.5 GHz. The tender for the 28 GHz band will
be held after a public consultation presently under way.
The initial operation of these frequency
bands is expected to give a new breath to the sector,
especially in the niches of the SoHo and SMEs. The
companies that purchased the licenses were Embratel,
Direct Net, Grupo Sinos, Vant Telecomunicações and WKVE.
Mobile Services (3G): Brazil
usually supports ITU recommendations, mainly those related
to the development of coordinated systems worldwide, with
the intention of having the advantage of economies of
scale and, therefore, lower prices for consumers.
Following this policy, Brazil supported the specifications
and spectrum allocation recommended by ITU for 3G
systems. The 3G spectrum in Brazil is in the "core band"
of the IMT-2000 (1920-1980 MHz and 2110-2170 MHz), where
it was allocated 2 x 55 MHz. The standard can be either
W-CDMA or CDMA, since Anatel regulations do not require a
specific technology.
Competition in the wireless segment is
intense in Brazil, since Anatel has given four licenses in
practically every city. In terms of spectrum planning and
availability for mobile services a total of 285 MHz is
allocated in the following frequency bands:
800 MHz (50 MHz), 900 MHz (15 MHZ), 1800 MHz (110 MHz) and
the IMT-2000 "core band" (110 MHz). All operators that
purchased the licenses to offer the service have a free
spectrum roadmap to offer 2G, 2.5G and 3G services.
Most of the large telecom operators,
including Vivo (Portugal Telecom), TIM (Telecom Italia)
and others are already studying the best options to move
forward to 3G and expect to start the implementation of
this service by mid 2004.
Wireless Fidelity
(Wi-Fi): In Brazil, fully
unlicensed spectrum does not exist. However,
there are bands allocated for restricted radiation
equipment use. These bands are allocated on a secondary
basis, spread spectrum technique has to be used, and the
Equivalent Isotropically Radiated P (EIRP) is limited to 6
dBW. In these bands, the radio station needs
no license or frequency assignment. The frequency bands
are: 900 MHz (18.5 MHz), 2.4 GHz (83.5 MHz) and 5 GHz (125
MHz).
The most popular Wi-Fi system in Brazil is
based on the 802.11b standard, operating in the 2 GHz
band. Local operators have been very active in applying
for licenses to provide Wi-Fi access to Internet.
The service providers have sought market niches, thus
increasing overall competition. However,
these systems have been causing harmful interference to
the Service Ancillary to Broadcasting (SAB) and Program
making (SAP).
Practically all telecom carriers are
offering Wi-Fi services and U.S. companies that offer
unique products can enjoy excellent opportunities in this
market. As an example, U.S. tech
manufacturer Hewlett Packard is the new addition to the
McInternet project in Brazil, together with McDonalds'
existing partners, Internet Service Provider AOL and
Brazil's Banco Itau, to provide Internet access in the
McDonalds restaurants either via Internet or using Wi-Fi
technology. The investment should boost the number of
McDonalds stores with computers and Internet access from
75 in São Paulo state to all 582 units across Brazil by
the end of the first quarter of 2004.
Meanwhile, in a separate initiative,
Brazilian coffee shop chain Fran's Café is planning to
install wireless Internet access (Wi-Fi) systems at 80
percent of its 80 locations by the end of 2004. The
company has already installed Wi-Fi systems at 30
locations, in partnership with Brazilian Wi-Fi operator
Vex.
Satellite Services: Marketing
satellite services in Brazil, including broadband
services, involves two levels of regulation: 1) a license
to provide telecommunication services, and 2)
authorization to provide satellite capacity. Therefore,
in Brazil, satellite capacity can only be offered to
companies holding a telecommunications license. The
service operators, subject to landing rights authorization
given by Anatel, can also use foreign satellites. To
authorize landing rights, one of the requirements is the
existence of reciprocity between Brazil and the foreign
country. Due to high costs associated to the use of
satellites for broadband, this service is still very
limited in Brazil and no statistical data is available.
Comsat, StarOne and Impsat are some of the companies
operating in country.
4. STATISTICS
BRAZIL
- TELEPHONY MARKET
|
(million units)
|
2000
|
2001
|
2002
|
2003**
|
2004**
|
Fixed
Telephones
|
38.3
|
47.8
|
40.9*
|
41.7
|
42.5
|
Cellular
|
23.2
|
28.7
|
34.9
|
38.4
|
42.2
|
Internet
Users
|
8.6
|
13.1
|
19.7
|
21.7
|
22.6
|
Broadband
Subscribers (all technologies)
|
0.2
|
0.3
|
0.7
|
1.3
|
1.7
|
* 39.0 million effective in
use
** Statistics are unofficial
estimates, for the end of year 2003 and 2004.
Source: Anatel
ADSL - BROADBAND MARKET - # of
Subscribers
|
August
2003
|
December
2003(*)
|
2004(*)
|
Home Connection
|
581,000
|
871
|
1,132
|
Corporate
|
183,000
|
274
|
356
|
Total
|
764,000
|
1,145
|
1,488
|
(*) Statistics
are unofficial estimates, for the end of year 2003 and
2004.
Source:
Yankee Group Brazil
MARKET SHARE - BY
TECHNOLOGY
ADSL
|
70%
|
CABLE
|
19%
|
OTHER
|
11%
|
Source: IDC Brasil
5. MARKET
ACCESS
Advanced technologies and high quality
products are always excellent entries for multinational
telecom companies to bring to Brazil's market, but this
does not necessarily mean that it will be easy for foreign
companies to export to Brazil. Before entering the
market, a foreign company has to observe and address
issues including policy changes, mandatory technology
transfer, and certification of products. The
average import duty for telecommunications equipment is
15-17 percent, but this amount may go down to zero in
cases where Brazil does not manufacture similar products.
There is also a federal tax on industrial products (IPI),
with an average of 4 percent, and an average State Sales
Tax (ICM) of 18 percent. Local manufacturers
also pay the IPI and state sales taxes.
Certification of Products:
ANATEL has released a list of accredited laboratories that
will perform tests required for the certification of
telecommunications products. Renewal of current and prior
certificates will also be granted after testing to make
sure they comply with ANATEL rules. For detailed
information on this subject, please visit http://www.BuyUSA.gov/
document ID: 113203 - CERTIFICATION OF PRODUCTS -
ACCREDITED LABORATORIES IN BRAZIL.
Technology Transfer:
Less dependence on telecom imports has
been a longstanding goal of the Brazilian Government.
Brazil's initiatives in international cooperation
are all aimed at developing its own national industries
and reducing imports where possible.
Non-tariff trade barriers:
Non-tariff barriers such as procurement policies and
technical standards can still make importing difficult.
Government and industry can be expected to put
hurdles in the way of foreign telecom vendors' exports to
Brazil in order to develop their own market. Foreign
suppliers should always remember the primacy that the
government places on local production, and should pay
attention to licensing and/or joint venture options to
counter non-tariff barriers.
Import Costs: The
table below shows the taxes and fees applied to an
imported product exported from the east coast of the
United States to the port of Santos in São Paulo, Brazil.
|
Import Costs -
Description
|
US Product
Imported into Brazil
US$
|
Price - Ex-works
|
100,000.00
|
Packing/crating/blocking
|
2,000.00
|
U.S. in land freight
|
1,000.00
|
Handling Fee
|
100.00
|
Documents/courier
|
40.00
|
FOB US Factory (Sub
Total)
|
103,140.00
|
Freight US - Brazil
|
1,750.00
|
Bunker charge /
container (BAF)
|
165.00
|
Cost with Freight
Subtotal
|
105,055.00
|
Insurance (0.5% on
price FOB)
|
515.70
|
Price CIF
|
105,570.70
|
Import Duty (14% on
CIF)
|
14,779.90
|
Subtotal with insurance
and import tax
|
120,350.60
|
Tax on Industrial
Product (4%)
|
4,814.02
|
Subtotal with IPI
|
125,164.62
|
State Tax (18% of
subtotal with taxes)
|
22,529.63
|
Subtotal with state tax
|
147,694.25
|
Merchant marine fee
|
1,264.00
|
Terminal handling
charge
|
75.00
|
Handling Fee - Freight
Forwarder
|
100.00
|
Customs Clearance (R $
300.00)
|
125.00
|
Broker union fee
|
100.00
|
Warehouse - handling
fee (R $ 120.00 / container)
|
50.00
|
Warehouse up until 15
days (0.5% of CIF)
|
527.85
|
Inland freight +
insurance to customer
|
300.00
|
Total Imported Cost
|
150,236.10
|
Source: Association for Manufacturing
Technology Mercosul office using exchange rate: US$1.00 =
R$2.40
6.
DISTRIBUTION AND BUSINESS PRACTICES
Brazilian and foreign companies, as well as
their products, must be pre-qualified to bid on government
procurements. This qualification addresses both technical
and financial capabilities and must be reestablished with
each bid submitted by a private company. Generally, these
pre-qualifications are available in supplier application
forms or public bid documents generated by each government
entity. The criteria vary among government
entities according to their specific standards and
applications, i.e., telecommunication products, water,
wastewater, petrochemical, etc. In general, due to short
procurement lead times, U.S. exporters are better
positioned to bid on public procurements if they have a
locally established presence through a representative,
distributor, or sales agent.
Brazilian Consumer Law states that all
equipment and products sold in Brazil must have operation
manuals and specifications in Portuguese. Aftermarket and
technical assistance including spare and replacement parts
must also be offered.
Foreign manufacturers usually sell through
a local agent or distributor or through a locally
established office. Selecting a representative,
distributor or manufacturing partnership with locally
established companies can facilitate U.S. exporter
entrance into the market, since market knowledge, end-user
contacts and qualified management are very important in
obtaining market share in Brazil.
U.S. firms should consult with local law
firms when signing an agent or distribution contract with
a Brazilian partner. General Brazilian commercial law
regulates commercial distribution contracts; however,
specific legislation regulates the relationship between
the foreign company and the Brazilian agent.
Although the U.S. company and its local agent are free to
negotiate contract clauses, there are laws that govern
this relationship. By law, the indemnity payable to the
agent in case of contract termination is usually favorable
to the agent.
Due to the large size of the country,
agents and distributors usually cover specific regions. In
some cases, depending on the company's sales structure, an
agent or distributor may have nationwide coverage.
The most usual payment terms are:
·
Payment in Advance,
· Cash
Against Document,
·
Confirmed Letters of Credit for higher value imports,
· Open
Account (although not generally recommended.)
7. FINANCING
Multilateral Development banks like the
World Bank and the International Development Bank are
important sources of long term financing for the public
sector.
Brazilian Development Bank - BNDES
provides long term financing of investments for
private companies in all areas, including foreign
companies established in Brazil. Its activities include
financing and co-financing, security subscriptions
(stocks, debentures) for the capital markets, and
structured operations (such as project finance),
including:
-
Export of goods and services,
-
Acquisition and leasing of new
machinery and equipment,
-
Civil projects and installations, and
projects directed to improve the level of technology,
quality and productivity, including training,
information technology, and environment and energy
controls,
-
Other fixed investments, excluding land
and existing improvements.
Additional information about BNDES may
be obtained at http://www.bindes.gov.br |
