Bloomberg News

Brazil’s BNDES May Lend 2.1 Billion Reais to Fiat, Folha Says

March 03, 2012

Brazil’s development bank may lend as much as 2.1 billion reais ($1.2 billion) to Fiat SpA (F) to build a car plant in Pernambuco state, Folha de S.Paulo reported, without saying where it obtained the information.

Fiat said it’s seeking financing with BNDES, as the state- controlled lender is known, according to the newspaper. The company said it can’t provide details while negotiating with the bank, Folha said.

BNDES declined to comment, citing secrecy agreements, according to the newspaper.

To contact the reporter on this story: Francisco Marcelino in Sao Paulo at mdeoliveira@bloomberg.net.

To contact the editor responsible for this story: Joe Sabo at jsabo@bloomberg.net.


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