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Brazil's Banco Pine has obtained a US$37.5mn loan from Saudi Arabia's Al Rajhi Bank in its first Islamic funding deal, Pine said in a statement.
The one-year loan is part of Pine's strategy to diversify its international funding sources.
Pine also announced that it had signed a 10-year loan of US$25mn with French development finance institution Proparco.
Pine will use these resources for loans with minimum terms of five years to companies engaged in sugar and ethanol, food processing and commodities' export.
Banco Pine is a wholesale bank that focuses on the corporate banking segment.