BNDES, Brazil’s development bank, has approved a new export financing line that will make it easier for exporters to obtain support.

The line, called Pr-Embarque gil, or agile pre-shipment, will help companies with less in the way of red tape. It will finance up to 30% of the export amount, with tenors ranging between six and 12 months.

BNDES will later verify whether the export was duly made via Siscomex, a system run by the Brazilian government to control all of the countries exports and imports.

Documents such as export entries and foreign exchange contracts will be replaced by electronic verification.

Companies needing financings equivalent to more than 30% of the export amount will remain subject to the existing pre-shipment credit line.

Between 2003 and 2005, BNDES pre-shipment lines lent Brazilian exporters US$5.9bn.