BNDES Approves BRL3bn Vivo Financing

Brazilian development bank BNDES has approved a BRL3bn ($1.7bn) loan for Telefonica’s Vivo. BNDES officials decline to specify the interest rate or tenor. The Brazilian unit of the Spanish telecom is set to use proceeds for infrastructure and technology development and research and development. Vivo is also set to invest BRL22m in social programs.