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Brazil has paid off the remaining £90mn of debt owed to the Export Credits Guarantee Department (ECGD).

The Brazilian debt originates from claims paid out by ECGD in respect of UK exports in such areas as telecoms, mining and petrochemicals that the department guaranteed or insured in the early 1980s.

The payment was received following an agreement between Brazil and the Paris Club, an informal group of sovereign creditors which includes the UK government.