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10.13.05
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BNDES approves credits of R$ 52 million for the acquisition of 269 railway wagons
· Mitsui and Cargill Groups will lease the wagons to Ferronorte
· Exports of grains produced in the Center-West Region will be facilitated
The board of Banco Nacional de Desenvolvimento Econômico e Social [BNDES] approved financings for the acquisition of 269 railway cargo wagons, which will be leased to Ferronorte (Brasil Ferrovias) and used in the transport of grains. MRC Serviços Ferroviários BNGE-BF Ltda., a company held by the Japanese group Mitsui, bought 189 wagons. The remaining 80 wagons were acquired by Cargill Agrícola S/A, a subsidiary of the North American conglomerate Cargill Incorporated.
Total investment for the two operations will be R$ 65.5 million, with the creation of 120 direct jobs. MCR, which will receive R$ 38 million from BNDES, will invest R$ 9.5 million from own resources. As to Cargill, which will receive R$ 14 million, it will invest about R$ 3.5 million from own resources.
The financing to MCR is carried out as an indirect operation, with participation of Unibanco, while the credit to Cargill was approved as a direct modality, to be released by BNDES itself. The 269 wagons will be manufactured by Amsted-Maxion Fundição e Equipamentos Ferroviários S/A.
The indirect type of financing, with the purchase of wagons made by the own transport customers, was the alternative found by BNDES to supply the railway companies, which present high indebtedness, and at current context are not in condition to invest and improve services.
Operations - The system adopted by BNDES allows for the wagons to be acquired by the companies using the transport and immediately leased to the railways' concessionaires or to their main customers. Consequently, a strengthening of the national industry of wagons is taking place.
The first operation under this system, approved in April 2004, financed the acquisition of 140 closed-type wagons (Hopper) by the company ADM, which leased them to Ferronorte (Brasil Ferrovias) to be used in the transport of grains produced at the Center-West Region and destined to exports.
Other BNDES financings were granted to the company Caramuru, which will reform seven locomotives and will modernize 180 used wagons, and to Fiagril, which will reform another seven locomotives.
Leasing - The company MCR was created by the Mitsui group with the specific purpose of acquiring railway equipment for leasing. In this case, its 189 wagons will be leased to a subsidiary of the Bunge group, which operates in the agribusiness sector, mainly exporting soy and its primary byproducts, in addition to producing fertilizers. That is, Bunge will sublease the wagons to Ferronorte, to be used in the transport of soy between the State of Mato Grosso and the port of Santos, in São Paulo, so facilitating exports. With respect to the 80 wagons acquired by Cargill, all of them will be directly leased to Ferronorte.
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