AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
Financial assistance in foreign market
On 3 April 2019, the KfW IPEX-Bank announced contributing to financing for the joint venture Gás Natural Açu's project GNA I in partnership with the Brazilian Development Bank BNDES in December 2018. The financial support has a total value of BRL 1,76 billion (USD 454 million).
According to BNDES, the Brazilian development bank will provide a credit line having a total value of BRL 1,76 billion whilst KfW supported by the German Export Credit Agency Euler Hermes Aktiengesellschaft will provide a guarantee for the credit line amount, see related state act.
The joint venture comprises of Brazilian Prumo Logística, British BP and German Siemens. The GNA I project concerns the implementation of an LNG gas-fired thermoelectric plant located at the Port of Açu in Brazil.
In this context, Member of the Management Board of KfW IPEX-Bank GmbH Markus Scheer stated: "The successful financial closing of the LNG-to-Power project once again underscores KfW IPEX-Bank's innovative structuring competence in its support of the European export industry".
A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.
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