January 7, 2013
BNDES has agreed to provide BRL2.4bn ($1.18bn) in funds for a new Fiat auto
BNDES has agreed to provide BRL2.4bn ($1.18bn) in funds for a new Fiat automobile factory in Brazil’s Pernambuco state. The funds are likely to be disbursed over about three years, according people familiar with the plans for the new plant, to be completed in the first half of 2014 and to start operating in the first half of 2015. Further details were unavailable. In 2010, Fiat said it planned to invest BRL10bn in its Brazil operations over the next five years.