Brazil underwrites Embraer deal with Aerolineas Argentines
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[March 25, 2009]

Brazil underwrites Embraer deal with Aerolineas Argentines

(EFE Ingles Via Acquire Media NewsEdge) Brasilia, Mar 25 (EFE).- Brazil's ministry of Development, Industry and Foreign Trade approved a $700 million loan from state-run development bank BNDES to finance Aerolineas Argentinas' purchase of 20 planes from Brazilian manufacturer Embraer.


Aerolineas will have 12 years to repay the loan, the official Agencia Brasil news service said.

The funds will be gradually disbursed over the course of five years as the flag carrier takes delivery of the EMB-190 jetliners.


Plans for the loan were announced last Friday in Sao Paulo during a binational business forum attended by Brazilian President Luiz Inacio Lula da Silva and Argentine counterpart Cristina Fernandez.

The executive secretary of the Brazilian Development, Industry and Foreign Trade Ministry, Ivan Ramalho, said officials hope the loan will enable Embraer to avoid additional job cuts after the 4,200 layoffs the firm announced last month.

Embraer, the world's fourth-leading aircraft maker, says the unprecedented crisis hitting the global economy, and the air transport sector in particular, has forced it to trim costs.

The firm is the market leader in airliners with up to 120 seats and receives 90 percent of its orders from outside Brazil. EFE wgm/dr Copyright ? 2009 EFE News Services (U.S.) Inc.

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