ANNOUNCEMENT 21 Jan 2014

On 21 January 2014, the Brazilian Development Bank (BNDES) granted the Norwegian company Aker Solutions a loan of 329.7 million real (US$ 150 million) to develop submarine equipment factories in Brazil. The loan, which is bound to the BNDES’s local content requirement policy, will finance two projects.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



BNDES news item of 21 January 2014 (in Portuguese): http://www.bndes.gov.br/SiteBNDES/bndes/bndes_pt/Institucional/Sala_de_Imprensa/Destaques_Primeira_Pagina/20140121_petroleoegasrjpr.html#

Colby, Seth. (2012). Explaining the BNDES: what it is, what it does and how it works. CEBRI Artigos, Volume 3, Ano VII, p. 6: http://www.cebri.org/portal/publicacoes/cebri-artigos/explaining-the-bndes

BDNES, Itens pass?veis de apoio condicionado: http://www.bndes.gov.br/SiteBNDES/bndes/bndes_pt/Institucional/Apoio_Financeiro/itens_apoio.html


Inception date: 21 Jan 2014 | Removal date: open ended
Still in force

State loan

The first credit line amounts to 200.4 million real and finances a submarine equipment factory in Săo José dos Pinhais, Paraná. The loan also includes a 1.5 million real social sub-credit which has to be invested in the region surrounding the factory. BNDES estimates the creation of 360 posts during and 315 direct as well as 271 indirect job posts after the completion of the factory. The second credit line of 129.3 million real finances the development of a factory for the production of offshore drilling equipment. The loan includes a 1 million real sub-credit to improve social investments in the region of Macaé, Rio de Janeiro. The value of the drilling equipment, which is commissioned by Sete Brasil (see “Related Measures”), equals 30% to 35% of the value of a drilling ship. BNDES estimates that the second credit line will create 250 direct and 100 indirect posts during and 289 direct and 287 indirect jobs after completion of the factory. The Brazilian Development Bank provides credits with below-market interest rates.

AFFECTED SECTORS

 

AFFECTED PRODUCTS