BRASILIA: The Brazilian Development Bank (BNDES) approved financing of $100 million to Northeast Bank the funds are for the micro credit operations for individual and corporate entrepreneurs, small productive activities.
The funding, granted within the BNDES Microcredit is intended to carry out 1.5 million operations until the end of 2015, with an average of £ 1200. The Bank will contribute in return other r$ 42.8 million.
The total financial cost is comprised of the Long Term Interest Rate (TJLP), currently at 5.5 per cent, plus 1 per cent per annum Basic BNDES Remuneration and 0.1 per cent pa Credit Risk Rate. The amortization period and grace period is 36 months.
BNDES says the operation has the potential to generate 12,000 jobs and keep other 65,000 existing jobs.
