TIM Brasil secures approval for USD779m funding from BNDES

3 Oct 2008

The board of Brazil’s national development bank BNDES has given the green light to BRL1.5 billion (USD779 million) worth of financing for domestic mobile operator TIM Brasil, BNamericas reports. In a statement the bank said the funding would be used to underpin the operator’s investment plans for the period 2009 to 2013. The cellco’s board approved the move for a BNDES line of credit on 30 September, to be repaid over five years, with money to be used for IT investments, network modernisation and expansion (including 3G deployment), capacity expansion work, systems optimisation and related customer services, and business processes.

Brazil, TIM Brasil