Senate okays BNDES financing raise for utility sector

- Wednesday, February 9, 2011

Senate okays BNDES financing raise for utility sector

Brazil's senate has approved a bill to extend the credit line made available by national development bank BNDES for the country's utility sector, state news agency Agência Brasil reported.

Senators approved the credit line limit raise to 134bn reais (US$80.4bn), from 44bn reais.

The amount is the limit of financing BNDES is allowed to issue to the utility sector with government-subsidized interest rates.

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The bill will now be sent back to congress' lower house for a final vote.

In 2010, the total amount of financing BNDES made available for the utility sector was 36.5bn reais.