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BNDES: Brazil, Venezuela still negotiating latter's loan payments

Banco Nacional de Desenvolvimento Econômico e Social said the governments of Brazil and Venezuela are still negotiating the resumption of the latter's loan payments.

In a statement, BNDES said that of the total $255 million owed by Venezuela, $130.9 million corresponds to the amount due to the Brazilian state-owned development bank. Venezuela's total debt also includes operations with private banks secured by credit insurance.

The bank also noted that of the $262 million paid by Venezuela in January, only $115 million were related to the bank.

The statement from BNDES seeks to clarify information mentioned in a March 20 report by online portal UOL.

Meanwhile, BNDES said the FGE export guarantee fund, which serves as the the guarantor of the Venezuelan operations, is currently in a surplus. "Since 1997, the Fund has already raised more than $1.3 billion in premiums and disbursed only $58 million in compensation, of which $18 million has been recovered," BNDES noted.