Brazilian state development bank BNDES approved on Thursday the extension of a bridge loan facility worth 1.11 billion reais ($493 million) to the group in charge of the license to operate Rio de Janeiro's Galeão international airport. In a statement, BNDES said the loan represents about 70 percent of the planned investment for the project, with the funds being earmarked during the next 18 months.
The airport is under control of a special purpose vehicle in which state-run airport agency Infraero has a 49 percent stake and a group formed by Odebrecht Transport Aeroportos SA and Singapore's Changi Airport Group has a 51 percent stake.
BNDES is Brazil's biggest source of long-term funding for corporations, with a market share of over 30 percent of outstanding long-term corporate credit in the country.
$1 = 2.25 Brazilian reais