Brazil - Brazilian Govt bank provides $1.4b credit to processor
22 Feb 2012
The Brazilian national development bank, BNDES has provided a US$1.43 billion credit line to Brasil Foods Corporation, one of the nation’s largest pork, chicken and beef processors.
The company will use the loan to finance its expansion plans, it reported.
The loans are calculated according to the Brazilian government's long-term interest rate, which is 6pc, plus an average spread of 2pc. BNDES loans are offered at lower interest rates than private banks.
Commercial loans in Brazil typically come at a spread over the benchmark Selic base rate, currently at 10.5pc.
Source: beefcentral.com
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