BNDES funds Brasil Telecom for network improvements

21 Jul 2004

Brasil Telecom is to receive USD419 million from Brazilian development bank BNDES to fund the expansion of its telecoms plant and introduce improvements to its business operations. The monies cover one third of the telco’s overall investment plan and the loan will be amortised over five years following an 18-month grace period. The local telecoms operator is striving to meet stringent standardisation and quality goals imposed by the regulator and hopes to have completed the upgrades by 2005.