Brasil Telecom to get USD972 million loan from BNDES

9 Oct 2006

Brazil’s state-run National Development Bank (BNDES) has approved a BRL2.1 billion (USD972 million) loan to Brasil Telecom Participacoes, to expand its infrastructure and invest in IT, the telco said in a statement Friday. According to Dow Jones Newswires, BNDES will head up a group of banks offering the funding which will mature in 7.5 years with a grace period of 2.5 years. The new funding will be used to meet service universalisation and quality targets set by the country’s regulator, as well as for improving the operator’s data and image services.

Brazil, Brasil Telecom (BrT)