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UK Export Finance announces support for line of credit in Brazil
New line of credit of US$500m for Petrobras be used to finance the purchase of goods and services from UK exporters
UK Export Finance (UKEF), the UK’s export credit agency, is finalising its support for a new line of credit of US$500 million for Petrobras. The British Government, through UK Export Finance, will support a loan for the Brazilian national oil company to purchase goods and services from UK exporters.
The announcement was made by the Minister of State for Trade and Investment, Lord Francis Maude, currently visiting Brazil. “I am pleased to announce that UK Export Finance is close to finalising its support for a new US$500 million line of credit for Petrobras. With this arrangement, Her Majesty’s Government, through UK Export Finance, is helping UK exporters to realise the opportunities within Petrobras’ ambitious investment programme”, says Lord Maude.
The loan can be drawn on over the next 12 months and is then repayable over 10 years. Petrobras can propose specific UK contracts to be financed under the line, some of which have already been identified for potential financing.