ANNOUNCEMENT 28 May 2018

The New Development Bank has announced the approval of USD 200 million loan to Petroleo Brasileiro S.A. (known as Petrobras.)

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

New Development Bank. Projects. "Environmental Protection Project" Available at: https://www.ndb.int/wp-content/uploads/2018/08/project-summary-disclosure_Petrobras-Brazil.pdf

Inception date: 28 May 2018 | Removal date: open ended

State loan

On 28 May 2018, the New Development Bank (NDB) has announced the formalization of a loan agreement worth USD 200 million with Petrobras, the Brazilian government-owned oil company. The objective of the resources is to upgrade the infrastructure and equipment of two existing refineries to improve the environmental performance of the company.

The total costs of the project have been estimated at USD 376.8 million from which Petroleos Brasileiro S.A. will provide 176.8 million. The USD 200 million provided by NDB will come in the form of a senior, unsecured corporate loan.

The implementation time that has been estimated for the projects has been 6 years counting from 2016.

 
The New Development Bank
The NDB is an international financial institution created by Brazil, Russia, India, China and South Africa to mobilized resources for projects related to infrastructure and sustainable development in BRICS economies and other developing countries.

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