Brazil Approves Record $10.8B In Debt For Hydro Project

Law360, New York (November 27, 2012, 2:16 PM EST) -- Brazil's development bank late Monday approved a record 22.8 billion reais ($10.8 billion) for a massive and controversial hydroelectric dam under construction in the heart of the Amazon, the largest loan ever approved by the bank.

The financing will cover about 77 percent of the expected price tag of the 11.2-gigawatt Belo Monte dam, which will be the third-biggest hydro generator in the world when complete in 2019.

About $4.3 billion will be routed through two financial agents — the government-owned bank Caixa Economica Federal SA...
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