Stênio Ribeiro
Reporter Agência Brasil

Brasília – The National Monetary Council (CMN) has approved the creation of a line of credit that will make US$1.34 billion available for industrial modernization (Programa de Modernização do Parque Industrial Nacional) (Modermaq). The funds will come from the Brazilian Development Bank (BNDES) and be available in 2006.

This year, in a similar credit program, the BNDES loaned out US$890 million.

An advantage of these new BNDES loans is that the interest is 13.95% per year, instead of the regular 14.95% the bank is charging at the moment.

Translation: Allen Bennett