<PAGE>

                                                                    Exhibit 4.23
                                                                    ------------

<PAGE>

                                                                    Exhibit 4.23

                            Export Finance Agreement

     This Export Finance Agreement (the "Agreement"), made as of October 29,
2001, by and between VCP EXPORTADORA PARTICIPACOES S.A. (the "Exporter"), a
corporation organized and existing under the laws of Brazil, VOTORANTRADE N.V.
(the "Importer"), a Netherlands Antilles corporation, and S.A. INDUSTRIAS
VOTORANTIM, CITROVITA AGRO INDUSTRIAL LTDA., CIA. NITRO QUIMICA BRASILEIRA, CIA.
NIQUEL TOCANTINS, VOTORANTIM CELULOSE E PAPEL S.A.--VCP ("VCP"), VOTOCEL FILMES
FLEXIVEIS LTDA., VOTORANTIM MINERACAO E METALURGIA LTDA. and CIA. MINEIRA DE
METAIS, each, a company duly organized and validly existing under the laws of
Brazil (the "Guarantors").

                              W I T N E S S E T H:

     WHEREAS, the Exporter has entered into one or more Export Agreements with
the Importer, the performance of which shall be subject to the terms and
conditions of this Agreement (such agreements being referred to herein as the
"Export Agreements"), pursuant to which the Exporter will export frozen
concentrated orange juice, nitrocellulose, sulfuric acid, aluminum, cement,
orange by-products and/or other products (the "Products") from the Federative
Republic of Brazil ("Brazil") to the Importer; and the Importer will enter into
one or more sales agreements pursuant to which the Importer shall export the
Products to certain Eligible Buyers (as defined in the Credit Agreement referred
to below);

     WHEREAS, as a condition precedent to these export transactions, the
Exporter has requested that the Importer advance to it the aggregate amount of
ONE HUNDRED AND FIFTY MILLION United States Dollars (US$150,000,000) in up to
two drawdowns, such advances to constitute "anticipated payments of future
exports" in accordance with the regulations issued from time to time by Banco
Central do Brasil (such advances being referred to herein as the "Export
Advances");

     WHEREAS, the Exporter intends to repay the Export Advances by shipping
Products to the Importer in accordance with Section 2 of this Agreement; and

     WHEREAS, the Importer has entered into a Credit Agreement dated as of the
date hereof among the Importer, certain Banks, Citibank, N.A., as Administrative
Agent for said Banks and Citibank, N.A., as Collateral Agent (as from time to
time amended, the "Credit Agreement"), whereby the Banks have agreed to make, on
and subject to the terms and conditions thereof, certain Advances to the
Importer to finance the making by the Importer of Export Advances to the
Exporter in respect of exports by the Exporter to the Importer (unless otherwise
defined herein, terms defined in the Credit Agreement and used herein to have
the meanings given to them in the Credit Agreement);

                            EXPORT FINANCE AGREEMENT

<PAGE>

        NOW THEREFORE, in consideration of the premises set forth herein, the
Importer and the Exporter (referred to collectively herein as the "Parties")
hereby agree as follows:

        Section 1. The Export Advances. The Importer hereby agrees, subject to
the terms and conditions set forth in this Agreement, to disburse to the
Exporter the Export Advances on or before the date 10 days after the Drawdown
Date with respect to the Advances (the "Disbursement Termination Date"). The
Exporter hereby agrees (i) to export the Products under the Export Agreements in
several shipments, to take place within the period of time beginning with August
2003, and ending with and including September 2006, which Products shall be
exported by the Importer to the Eligible Buyers in accordance with the terms of
the Credit Agreement, with the Aggregate Purchase Price for such Products being
at least One Hundred and Fifty Million United States Dollars (US$150,000,000)
(the invoice price for any shipment of Products, as determined pursuant to
Section 2(a)(iii) below, being referred to herein as the "Purchase Price" for
that shipment, and the aggregate of those Purchase Prices being referred to
herein as the "Aggregate Purchase Price"), which obligations of the Exporter to
so export Products, notwithstanding anything herein or in the Intercompany Note
of the Exporter to the contrary, shall be satisfied only when (a) the Importer
shall have (x) exported such Products to the Eligible Buyers and (y) notified
the Eligible Buyers of its pledge to the Collateral Account for the benefit of
the Banks and the Agents of all of its rights in respect of the receivables
created from the export of such Products and (b) the Eligible Buyers shall have
made payment in full in Dollars for such Products into the Collection Account;
and (ii) to pay to the Importer for account of the Importer the full principal
amount of the Export Advances, and the Export Advances shall mature, in 37 equal
consecutive monthly installments, payable beginning on the date 24 months after
the date hereof and ending on the date five years after the date hereof.

        Section 2. Repayment of the Export Advances. (a) The Parties agree that
the principal mechanism for the repayment to the Importer of the Export Advances
shall be the delivery to the Importer of the shipments of Products to be made by
the Exporter pursuant to the Export Agreements. For purposes of this Agreement,
each shipment of Products which is made pursuant to an Export Agreement shall be
referred to as a "Covered Shipment". Accordingly, with respect to each such
Covered Shipment, the Parties shall proceed as follows:

          (i) At least ten days before making any shipment of Products under an
     Export Agreement, the Exporter shall notify the Importer that such shipment
     is to constitute a Covered Shipment hereunder, and shall provide to the
     Importer the estimated amount, quantity, and specification of Products to
     be shipped.

          (ii) Upon making any shipment of Products under an Export Agreement on
     the Date of Shipment (as defined below) which shall fall during the period
     beginning with July, 2003, and ending with and including August 2006, the
     Exporter shall notify the Importer that such shipment is to constitute a
     Covered

                            EXPORT FINANCE AGREEMENT

<PAGE>

     Shipment hereunder, and shall provide to the Importer the following
     information and documentation with respect to such shipment: (x) copies of
     the shipping documents and (y) any draft or other payment document to be
     executed by the Importer. For purposes of this Agreement, the term "Date of
     Shipment" of a Covered Shipment shall be the date of shipment which
     appears on the relevant shipping documents for such Covered Shipment.

          (iii) Upon the Importer's receipt of a Covered Shipment (x) credit
     against the Export Advances the amount of the Purchase Price for such
     Covered Shipment and (y) apply the documents related to such payment
     against the foreign exchange contract prepared in connection with the
     Export Advance.

          (b) The existence of the payment mechanism described in subparagraph
(a) above shall not in any way limit the ability of the Holder of the
Intercompany Notes of the Exporter to demand payment in Dollars under such
Intercompany Notes, except to the extent of the Purchase Price of one or more
Covered Shipments that, prior to the making of such demand, have actually been
received by the Importer as provided above.

          Section 3. Interest. In addition to its obligation to repay the
principal amount of the Export Advances as set forth in Sections 1 and 2 above,
the Exporter shall pay interest to the Importer on the unpaid principal amount
of the Export Advances as set forth in the Intercompany Notes.

          Section 4. Payments and Computations. All payments hereunder shall be
made in accordance with Paragraph 1 of the Intercompany Notes.

          Section 5. Conditions Precedent to each Export Advance. The obligation
of the Importer to make each Export Advance is subject to the condition
precedent that the corresponding Advances, as defined in the Credit Agreement,
shall have been made.

          Section 6. Guarantee. (A) Each Guarantor hereby jointly and severally,
irrevocably and unconditionally guarantees to the Importer, as primary obligor
and not merely as a surety, the due and punctual payment and performance of all
obligations of the Exporter arising under this Agreement, any Intercompany Note
and under any document delivered pursuant to the terms hereof, whether, at the
Importer's discretion, by each Guarantor (i) delivering to the Importer the
amounts due by the Exporter hereunder, (ii) making shipments of Products to the
Importer which shipments can be applied for the payment of the amounts due
hereunder and, for such purpose, the procedures set forth in Section 2 hereof in
respect of the Exporter shall be applicable to such Guarantor or (iii)
delivering Products to the Exporter for shipment to the Importer, which
shipments shall be applied to the payment of the amounts due hereunder.

          (B) The liability of each Guarantor under this Agreement and any
Intercompany Note shall not be discharged or released by reason of any
arrangement made between the Exporter and the Importer or by any forbearance,
extension, revision or modification agreed by the Importer in respect of
payment, time, performance or

                            EXPORT FINANCE AGREEMENT

<PAGE>

otherwise, or the substitution or release of any person primarily or secondarily
liable for any obligation hereunder or under the Intercompany Notes. Each
Guarantor hereby agrees that this guarantee is unconditional irrespective of any
event of circumstance whatsoever that might otherwise constitute a legal
equitable discharge of this guarantee and represents and warrants to the
Importer that this guarantee is duly authorized and constitutes such Guarantor's
legal, valid and binding obligation, enforceable in accordance with its terms.
Each Guarantor hereby expressly waives diligence, presentment, demand, protest,
notice of dishonor or other notice of any kind whatsoever, as well as any
requirement that any person exhaust any right or remedy or take any action
against the Exporter, waiving all benefits set forth in the following provisions
of Brazilian law: articles 1006, 1491, 1493, 1494, 1498, 1499, 1500, 1502, 1503
and 1504 of the Brazilian Civil Code, articles 261 and 262 of the Brazilian
Commercial Code and article 595 of the Brazilian Civil Procedure Code. Each
Guarantor agrees that its obligations hereunder shall not be released or
discharged, in whole or in part, or otherwise affected by any act or omission
which might in any manner or to any extent vary the risk of such Guarantor as
guarantor or otherwise operate as a release or discharge of such Guarantor all
of which may be done without notice to such Guarantor.

     (C) Until the payment and performance in full of all obligations of the
Exporter hereunder, no Guarantor will claim any set-off or counterclaim against
the Exporter in respect of any liability of any Guarantor to it; and each
Guarantor waives any benefit of and any right to participate in any collateral
or any other guarantee which may be held by the Importer. The payment of any
amounts due with respect to any indebtedness of the Exporter now or hereafter
held by any Guarantor is hereby subordinated to the prior payment in full of the
obligations under this Agreement and the Intercompany Notes. Each Guarantor
agrees that, unless required by law, after the occurrence of any default in the
payment or performance of such obligations, such Guarantor will not demand, sue
for or otherwise attempt to collect any such indebtedness of the Exporter to
such Guarantor until this Agreement and the Intercompany Notes shall have been
paid in full. If, notwithstanding the foregoing sentence, any Guarantor shall
collect, enforce or receive any amounts in respect of such indebtedness, such
amounts shall be collected, enforced and received by such Guarantor as trustee
for the Importer and be paid over to the Importer on account of the obligations
under this Agreement and the Intercompany Note without affecting in any manner
the liability of such Guarantor under the other provisions of this Agreement

     (D) Notwithstanding anything to the contrary herein, the Exporter and
Importer acknowledge that if (1) the Obligors have failed for 30 days or more to
pay when due any principal of or interest on the Advances, or the maturity of
the Advances has been accelerated pursuant to Section 10 of the Credit Agreement
and (2) the Exporter has failed for 30 days or more to perform any of its
obligations under Section 1 and Section 2 hereof and its payment obligations
under its Intercompany Note, any Bank may obtain an undertaking from its
Additional Guarantor, if any, to effect exports on behalf of the Exporter,
directly to an importer to be chosen by such Bank, having an aggregate sale
price equal to the aggregate outstanding principal amount of Advances made by
such Bank, to the extent of such Bank's pro rata share of the aggregate
outstanding principal.

                            EXPORT FINANCE AGREEMENT

<PAGE>

amount of the defaulted obligations of the Exporter, and instruct that the
proceeds of such exports by such Additional Guarantor shall, to the extent of
defaulted amounts under said Intercompany Note, be payable to such Bank for its
own account for application to the principal of and interest on its Advances;
provided that, prior to or simultaneously with the effective date of any such
undertaking, such Bank shall deliver a written notice to the Administrative
Agent and the Exporter (the "Additional Guarantee Notice") specifying (x) the
effective date of such undertaking, (y) the aggregate outstanding principal
amount due on such Bank's Advances as at such effective date and (z) the
aggregate sale price of all such exports to be undertaken by such Additional
Guarantor; provided further that, notwithstanding the terms of Sections 4.02 and
4.06(b), (x) no other Bank shall be entitled to share in said payments (without
prejudice to any other rights or remedies of the Banks or either Agent) and (y)
the aggregate amount of the Borrower's obligations to such Bank with respect of
the principal of its Advances shall be reduced automatically as at such
effective date by an amount equal to the aggregate sale price of the exports
undertaken to be made by such Additional Guarantor as set forth in the
Additional Guarantee Notice, provided that, in the event that the aggregate sale
price of the exports actually made by such Additional Guarantor is less (in no
event shall it be greater) than the sale price set forth in such Additional
Guarantee Notice, then, upon written notice to the Administrative Agent by such
Bank specifying the aggregate sale price of such exports actually made, the
aggregate amount of the Borrower's obligations to such Bank with respect of the
principal of its Advances shall be reduced automatically as at such effective
date by an amount equal to the aggregate sale price of the exports actually
made.

          Section 7. Amendments, Etc. No amendment or waiver of any provision of
this Agreement or any instrument delivered hereunder, and no consent to any
departure by the Exporter therefrom, shall in any event be effective unless the
same shall be in writing and signed by the Importer, and then such waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given.

         Section 8. Notices, Etc. All notices and other communications provided
for hereunder shall be in writing, and shall be sent via express mail,
reorganized expedited delivery courier service, or facsimile confirmed by
written instrument, as follows: If to the Exporter, at Rua Gomes de Carvalho
1356, 15 andar, Sao Paulo-SP, Brazil, Attention: Valdenir Soares de Oliveira; if
to the Importer, at Rua Gomes de Carvalho 1356, 15 andar, Sao Paulo-SP, Brazil,
Attention: Valdenir Soares de Oliveira; and if to any Guarantor, at Rua Amaury
255, 13 andar, Sao Paulo-SP, Brazil, Attention Marcus Olyntho de Camargo Arruda,
Esq. All such notices and communications shall be effective when received by the
address.

          Section 9. Binding Effect; Governing Law. This Agreement shall be
binding upon and inure to the benefit of the Exporter and the Importer and their
respective successors and assigns. Subject to the pledge by the Importer
referred to below, neither party may assign all or any part of, or any interest
in, its rights and benefits hereunder and under any instruments delivered
hereunder, without the prior written consent of the other party. The Exporter
and each Guarantor hereby acknowledge that,


                            EXPORT FINANCE AGREEMENT

<PAGE>

simultaneously with the execution of this Agreement and pursuant to the Security
Agreement, the Importer has pledged all of its rights hereunder to the
Collateral Agent for the benefit of the Banks and the Agents, and, accordingly,
each reference herein to the "Importer" shall be deemed to include the
Collateral Agent. This Agreement shall be governed by, construed and enforced in
accordance with, the law of the State of New York, United States of America. For
the purposes of Article 9 of Decree-Law No. 4657 dated September 4, 1942, the
transactions contemplated hereby have been proposed to the Exporter and the
Guarantors by the Importer.

        Section 10, Further Assurances. The Exporter agrees to execute and
deliver, at the request of the Importer, such additional documentation as may be
requested from time to time by the Importer to evidence their respective
obligations hereunder.

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered as of the day and year first above written.

                                VOTORANTRADE N.V.



                                By: /s/ [ILLEGIBLE]
                                   ---------------------------------
                                   Name:
                                   Title:

                                WITNESSES:

                                1.  /s/ [ILLEGIBLE]
                                   ---------------------------------


                                2.  /s/ [ILLEGIBLE]
                                   ---------------------------------







STATE OF NEW YORK     )
                      ) ss:
COUNTY OF NEW YORK    )

        On this 29th day of October, 2001, before me, the undersigned, a Notary
Public in and for the State of New York, duly commissioned and sworn, personally
appeared Gary James Hershberger, to me known who, being by me duly sworn, did
depose and say that he is an officer of Votorantrade N.V., the corporation
described in and that executed the foregoing instrument; and that he signed his
name thereto under authority of the board of directors of said corporation.

        WITNESS my hand and seal hereto affixed the day and year first above
written.

                                              /s/ KRISTINA HORN
                                              ------------------------
                                              NOTARY PUBLIC in and for
                                              The State of New York.
                                              My Commission expires: 2003
                                                                    ------



                                                    KRISTINA HORN
                                          Notary Public, State of New York
                                                   No. 01HO5080910
                                             Qualified in Kings County
                                        Certificate Filed in New York County
                                          Commission Expires June 23, 2003
                                                                     ------


                            Export Finance Agreement

<PAGE>

                                THE EXPORTER
                                ------------

                                VCP EXPORTADORA E PARTICIPACOES S.A.



                                By: /s/ Valdir Roque /s/ Luiz Carlos Ganzerli
                                   ------------------------------------------
                                   Name: Valdir Roque/ Luiz Carlos Ganzerli
                                   Title

                                WITNESSES:

                                1.  /s/ Sergio Esteves Filho
                                   ---------------------------------
                                   SERGIO ESTEVES FILHO


                                2.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE



                            Export Finance Agreement

<PAGE>

                                THE GUARANTORS
                                --------------

                                S.A.INDUSTRIAS VOTORANTIM



                                By: /s/ Nelson Koichi Shimada /
                                    /s/ Marcus Olyntho de Camargo Arruda
                                   ------------------------------------------
                                   Name: Nelson Koichi Shimada /
                                         Marcus Olyntho de Camargo Arruda
                                   Title:

                                WITNESSES:

                                1.  /s/ Alfredo Chiarelli
                                   ---------------------------------
                                   ALFREDO CHIARELLI


                                2.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE


                                CITROVITA AGRO INDUSTRIAL LTDA.



                                By: /s/ Valdenir Soares de Oliveira /
                                    /s/ Mario Bavaresco Jr.
                                   ------------------------------------------
                                   Name: Valdenir Soares de Oliveira /
                                         Mario Bavaresco Jr.
                                   Title:

                                WITNESSES:

                                1.  /s/ Sergio Esteves Filho
                                   ---------------------------------
                                   SERGIO ESTEVES FILHO


                                2.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE


                                CIA. NITRO QUIMICA BRASILEIRA



                                By: /s/ Mario Bavaresco Jr. /
                                    /s/ Claudio Ermirio de Moraes
                                   ------------------------------------------
                                   Name: Mario Bavaresco Jr. /
                                         Claudio Ermirio de Moraes
                                   Title:

                                WITNESSES:

                                1.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE


                                2.  /s/ Alfredo Chiarelli
                                   ---------------------------------
                                   ALFREDO CHIARELLI


                            Export Finance Agreement

<PAGE>


                                CIA. NIQUEL TOCANTINS


                                By: /s/ Nelson Koichi Shimada /
                                    /s/ Marcus Olyntho de Camargo Arruda
                                   ------------------------------------------
                                   Name: Nelson Koichi Shimada /
                                         Marcus Olyntho de Camargo Arruda
                                   Title:

                                WITNESSES:

                                1.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE

                                2.  /s/ Alfredo Chiarelli
                                   ---------------------------------
                                   ALFREDO CHIARELLI


                                VOTORANTIM CELULOSE E PAPEL S.A. - VCP



                                By: /s/ Valdir Roque /s/ Luiz Carlos Ganzerli
                                   ------------------------------------------
                                   Name: Valdir Roque/ Luiz Carlos Ganzerli
                                   Title:

                                WITNESSES:

                                1.  /s/ Sergio Esteves Filho
                                   ---------------------------------
                                   SERGIO ESTEVES FILHO


                                2.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE


                                VOTOCEL FILMES FLEXIVEIS LTDA.


                                By: /s/ Valdir Roque
                                    /s/ Jose Roberto Ermerio de Moraes
                                   ------------------------------------------
                                   Name: Valdir Roque /
                                         Jose Roberto Ermerio de Moraes
                                   Title

                                WITNESSES:

                                1.  /s/ Alfredo Chiarelli
                                   ---------------------------------
                                   ALFREDO CHIARELLI

                                2.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE


                            Export Finance Agreement

<PAGE>

                                VOTORANTIM MINERACAO E METALURGIA LTDA.



                                By: /s/ Nelson Koichi Shimada /
                                    /s/ Marcus Olyntho de Camargo Arruda
                                   ------------------------------------------
                                   Name: Nelson Koichi Shimada /
                                         Marcus Olyntho de Camargo Arruda
                                   Title:

                                WITNESSES:

                                1.  /s/ Alfredo Chiarelli
                                   ---------------------------------
                                   ALFREDO CHIARELLI


                                2.  /s/ Olga Matiko Inque
                                   ---------------------------------
                                   OLGA MATIKO INQUE



                                CIA. MINEIRA DE METAIS



                                By: /s/ Nelson Koichi Shimada /
                                    /s/ Marcus Olyntho de Camargo Arruda
                                   ------------------------------------------
                                   Name: Nelson Koichi Shimada /
                                         Marcus Olyntho de Camargo Arruda
                                   Title:

                                WITNESSES:


                                1.  /s/ Sergio Esteves Filho
                                   ---------------------------------
                                   SERGIO ESTEVES FILHO

                                2.  /s/ Alfredo Chiarelli
                                   ---------------------------------
                                   ALFREDO CHIARELLI


                            Export Finance Agreement