Rio, 5/14/2004 (Agência Brasil) - The Brazilian Development Bank (Banco Nacional de Desenvolvimento Econômico e Social) (BNDES) reports that it has set aside US$1 billion for infrastructure projects in Argentina over the next three years.

According to BNDES vice president, Darc Costa, by next year the bank should be financing at least five projects in Argentina (repairs on two railroads, a gas pipeline, a steel mill expansion and a biogenetic study).Costa explained that BNDES financing projects usually take around seven months to approve.

In other news of BNDES international activities, the bank has already released US$600 million for infrastructure in Venezuela, out of a promised US$1 billion.

The Venezuela and Argentina financial assistance projects are part of the Brazilian government's objective of speeding up South American integration.

Translator: Allen Bennett