Brazilian authorities to support large companies that suffered losses due to flooding in Rio Grande do Sul

Vice President and Minister of Development, Industry, Trade and Services of Brazil Geraldo Alckmin announced that the government will allocate funds to support large companies that suffered losses due to flooding in the state of Rio Grande do Sul. This is reported by Brasil 247, a partner of TV BRICS.

Representatives of large businesses will open credit lines for up to R$15 billion (US$2.9 billion). The funds will be available through the National Bank for Economic and Social Development (BNDES).

According to Alckmin, resources for the recovery of several sectors of the state's economy, such as agriculture, medium-sized businesses, and services, have already been sent to recipients.

In Rio Grande do Sul, 161 people have died and 85 are reported missing due to heavy rains and storms. More than 500,000 state residents have been evacuated. The natural disaster affected 345 municipalities. Infrastructure has been destroyed in many communities.