The US Export-Import Bank agreed to provide Brazil with some $10 billion in financing to develop the Petrobras state-controlled oil company's offshore pre-salt oil reserves. Reserves discovered last year will catapult Brazil into becoming one of the world's 10 largest oil producers. The Brazilian government also took advantage of lower borrowing costs and higher demand for Brazilian paper to sell $500 million of dollar-denominated bonds maturing in 2037. General Motors' Brazilian subsidiary plans to invest $1 billion to expand its production facilities.
Brazil Antonio Guerrero Global Finance; Sep 2009; 23, 8; Docstoc pg. 12 Reproduced with permission of the copyright owner. Further reproduction prohibited without permission.
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