10/13/2008 08h30
TIM obtains credit of US$ 681.8 million from BNDES
Gazeta Mercantil - 10/13/2008
To finance part of the investment plan of the group from 2009 to 2013, the National Economic and Social Development Bank (BNDES) approved credit of R$ 1.51 billion (US$ 681.8 million) for the TIM Group, in the first operation of this kind of the telecommunications sector. By this instrument, created in 2005, revolving credit to companies is opened, with the advantage of the procedural term for the disbursements, around two months, much smaller than the average of six months of the traditional operations. TIM will invest in technology of information, expansion, modernization and technological updating of its networks, with the expansion of the GSM. Besides, the investments foresee the continuity of the process of implementation of the 3G technology (third generation), which allows the offer of mobile broad band. The funds of the BNDES come in a good time, as controller Telecom Italia, as a company with high level of indebtedness (€ 40 billion), tends to face shortage of credits due to the crisis in the world financial markets.
