Brazilian Development Bank (BNDES) released a statement that it is going to finance the amplification of the Port of Pecém, Cearŕ, with 630.5 million Real (US$ 280 million). The bank carries 90% of the total costs of 700.5 million Real. The project is estimated to create 1.500 jobs during and 400 after the completion of the construction works. BNDES wants to increase Brazil’s global competitiveness in the port-sector and to develop the economy of Northeast Brazil. The development bank already financed the Port of Pacém twice, in 2009 with 276 million Real and in 2010 with a loan of 120.6 million Real. 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, majority shareholders (private or public) need to have residence in Brazil.