Brazil's development bank approves $1.4bn credit line for Braskem

27 October 2011 00:15  [Source: ICIS news]

PORTO ALEGRE, Brazil (ICIS)--Brazilian development bank BNDES approved a credit line of reais (R) 2.46bn ($1.4bn, €1.0bn) for Brazil-based petrochemical producer Braskem, the company said on Wednesday.

"The credit will be used in investment projects which will take place within the next three years and are conditioned to a previous approval of the Management Council of the company", said Braskem in an official statement.

Once the contract is signed, Braskem will have 120 months to use the credit. For each project, the company is required to present a specific financing project, which will be analysed by the bank.

According to BNDES, the credit is aimed to support Braskem's investment plan in the states of Bahia, Alagoas, Rio de Janeiro and Rio Grande do Sul.

Braskem's investment plan for 2011-2013 totals R4.27bn and include the application, expansion and modernisation of assets, acquisition of new machines and equipment as well as investments on social, environmental, technology and innovation projects.

($1 = R1.76) ($1 = €0.72)

By: Leo Siqueira
+1 713 525 2600

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