ANNOUNCED AS TEMPORARYNo
On 9 January 2014, the Brazilian Development Bank BNDES announced its financial support for the enlargement of one and the construction of three supermarkets of the Cidade Cançăo chain in the federal state of Paraná.
The supermarket chain, which belongs to the company Companhia Sulamericana de Distribuiçao, receives 35% of the investments through BNDES. In addition to that, the company receives 4.8 million Real (US$ 2 million) from the BDNES Finame program which supports the purchase of nationally produced machines and equipment. The investments are estimated to generate 305 jobs.
The Brazilian Development Bank provides credits with below-market interest rates to legal persons (private or public) with headquarters and administrations in Brazil.In the case of companies with headquarters abroad, majorityshareholders (private or public) need to have residence in Brazil. Besides this, the bank imposes local content requirementson goods (mainly capital goods), services and software. However, itmakes exceptions when there is no national production of those goods.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
⚑ Please report this page in case you detect an inaccuracy in its content.