TIM gets USD560 million loan

8 Jul 2005

Brazilian development bank BNDES has approved a BRL1.34 billion (USD560 million) loan to mobile operator TIM Celular, to be spent on infrastructure projects. The operator is currently undertaking an expansion programme that began in June 2004 and is set to be completed in December 2006.

In a separate story, Citigroup has increased its indirect stake in Brasil Telecom, acquiring an 18.1% holding in Investidored Institucionais em Acoes (FIA) for USD89 million.

Brazil, TIM Celular