May 3, 2018 / 3:19 PM / a year ago

Brazil will insist Venezuela, Mozambique pay back debt

The new Brazilian 20 and 10 real bills are displayed at Brazil's Central Bank headquarters in Brasilia July 23, 2012. REUTERS/Cadu Gomes

BRASILIA (Reuters) - Brazil’s political affairs minister Carlos Marun said on Thursday that the country would continue to insist that Venezuela and Mozambique pay back nearly 1 billion reais ($281.05 million) in loans they defaulted on to Brazil’s state development bank BNDES and Credit Suisse.

The vast majority of the money is owed by Venezuela. The Brazilian government had agreed to act as the guarantor of the loans. The funds were used by Venezuela and Mozambique to pay works carried out by Brazilian firms. Brazil’s Congress on Wednesday night approved a measure to free funds to make the payment that is due May 8.

Reporting by Maria Carolina Marcello; Editing by Chizu Nomiyama

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