2010 Deal of the Year: Middle East

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08 March 2011

The Brazilian government guarantees financing for Embraer jet.

Commercial banks have not done export credit financing for an Embraer aircraft. That is why when the E190 delivered to National Air Services (NAS) in Saudi Arabia in the last week of December, the airline, lender and Embraer celebrated a first. Using a new financing structure, an alternative to the traditional financing provided by BNDES, NAS closed a $27 million financing for one E190.

The new structure allows commercial banks to fund Embraer aircraft with a Brazilian guarantee from the Secretary of Foreign Affairs part of the Brazilian Finance Ministry.

This is how it works. The Brazilian Export Credit Insurance Agency acts on behalf of the Brazilian government to operate the official...

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