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Article: Brazil: BNDES takes over 31% of Ferronorte; Railroad system attracts foreigners.
- Article from:
- South American Business Information
- Article date:
- October 29, 2004
CopyrightCOPYRIGHT 2004 COMTEX News Network, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Brazil, Oct 28, 2004 (O Estado de Sao Paulo/SABI via COMTEX)
The Brazilian development bank BNDES (Banco Nacional de Desenvolvimento Economico e Social) has signed, yesterday, a letter of intent with Brasil Ferrovias group through which the entity will be the owner of 31% stake of Ferronorte railroad network. BNDES is not a partner of the company that is wholly owned by group's holding, also comprised of Novoeste and Ferroban. The letter predicts investments of R$1.6bil in the period between 2004 and 2009 in the Brasil Ferrovias companies. The initial injection will be made by BNDES - R$405mil - and by pension funds Previ (R$120mil) and Funcef (R$15mil). The ...