The Brazilian federal government will more than double the funds for its Export Financing Program (Proex) in 2008. Instead of the forecast $298.6 million, the programme will have $776.4 million at its disposal. The government said it was taking this step to strengthen its position in global trade.

Foreign Trade secretary, Welber Barral, said the aim was to increase export sales of leather footwear and leathergoods by 10% each year and for Brazil to become the second largest producer of footwear in the world, behind China. Mr Barral said: “The goals are ambitious, but feasible.”

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