(braskem) -- Braskem Idesa announces
that on may 17th, the Board of Directors of the International...
Braskem Idesa announces that the Board of Directors of the
International Finance Corporation (IFC), an organization that belongs to the
World Bank Group, approved a loan for the amount of USD 300 million to finance
the construction of the largest petrochemical project in progress in the
Americas: Braskem Idesa- Etileno XXI.
These resources, in conjunction
with the amount of US$ 300 million already approved by the Inter-American
Development Bank (IDB) in the month of April, will be part of a type "A Loan" in
the amount of USD 600 million.
To this loan there will be an addition of
an amount supported by the IFC and IDB of USD600 -750 million as a type "B Loan"
with the participation of commercial banks which is in its final approval
process, and the amount of USD 600 million approved by the Italian credit
bureau- SACE. The group of financial institutions shall consist of the
development bank of Brazil and Mexico with BNDES, Bancomext and Nacional
Financiera (these are in final stages of approval), amongst others.
The loan will be granted to BRASKEM IDESA SAPI, the joint venture formed by
the Brazilian Braskem S.A. and the Mexican group IDESA in order to build and
operate a plant that will have a capacity of 1 million tons of polyethylene,
through an ethane cracker and three polymerization plants (two high density
polyethylene and on low density).