BNDES approves financing for Guarulhos and Brasilia airports

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BNDES approves financing for Guarulhos and Brasilia airports

The board of directors at the Brazilian Development Bank (BNDES) has approved two long-term loans to Guarulhos and Brasília airports, totaling R$4.27 billion (US$2.54 billion). The resources will be earmarked to expand, modernize and explore infrastructure at the two airports and will also serve to quit the bridge loans that the BNDES granted to the two concessionaires.

The country's largest airport, Guarulhos, will receive R$3.48 billion (US$2.07 billion). Included this total is the R$ 1.2 billion (US$0.71 billion) related to the bridge loan granted in October 2012, to be paid when the first disbursement is made to the concessionaire for Guarulhos International Airport S.A. (GRU Airport).

GRU Airport is formed by Invepar, ACSA, OAS, and three pension funds; Funcef (Caixa), Previ (BB) and Petros (Petrobras). The consortium won the tender process in February 2012.

The concessionaire Inframérica for the Brasilia Airport S.A. will receive R$797.1 million (US$474 million). The first disbursement of this financing will include the R$488 million (US$290 million) bridge loan granted last December.

The consortium, formed Brazil's Engevix and Argentina's Corporacion America, won the auction for the project also in February 2012.

To finance the expansion, maintenance and expansion of Guarulhos International Airport, the BNDES will provide 64% of the total investment, while the Bank's resources will account for 61% of the financing required for the Brasilia International Airport.

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