SAO PAULO (Reuters) – Brazil’s state development bank BNDES will provide 4 billion reais ($799.47 million) in dollar-denominated financing for the automotive industry in a bid to modernize the local fleet and boost exports, Vice President Geraldo Alckmin said on Thursday.
He also announced the government would lower the PIS and COFINS federal taxes levied on vehicles of up to 120,000 reais.
($1 = 5.0033 reais)
(Reporting by Lisandra Paraguassu; Editing by Steven Grattan)
