After two years in the making Braskem Idesa has finally closed a $3.2bn loan package for its Etileno XXI project, what it calls the largest-ever project finance deal in the petrochemical sector. The deal is the first time the Mexican and Brazilian development banks have done a financing together and the first time Brazil’s BNDES has used its international line, according to people familiar with the matter. The package includes direct loans of 16.25 years from BNDES ($623m), Nafin ($280m), Bancomext ($120m) and Export Development Canada ($300m). The IFC and Interamerican Development Bank are each lending $285m directly for 16.25 years, and each arranged a $350m 14.25-year B loan that brought in MLAs SMBC, HSBC, Banco do Brasil, Bank of Tokyo Mitsubishi and KDB at $70m each per loan. Finally, Italy’s SACE is guaranteeing a $600m 16.25-year facility, with SMBC and HSBC coming in at $60m each, BBVA, Intesa Sanpaolo and Santander at $100m each and Mizuho at $30m. The company and lenders decline to disclose the interest rates involved. Intesa Sanpaolo is agent on the Sace Facility and SMBC was Braskem Idesa’s financial advisor. White & Case was both international and Mexican counsel. The proceeds will help fund the $4.5bn Etileno XXI ethylene and polyethylene plant in Nanchital, Veracruz, with the remainder coming from equity. The petrochemical complex, built by a joint venture between Braskem and Mexico’s Idesa, has been under construction since October 2011 and should be operational by 2015.