Copasa Targets BNDES Funds

Brazilian water utility Companhia de Saneamento de Minas Gerais (Copasa) has approved a BRL245m financing from the BNDES government development bank. The 10-year facility would pay an expected interest rate of TJLP plus 1.73%, and feature a 3-year grace period. Proceeds would fund infrastructure improvements. The water utility controlled by the government of Minas Gerais state still must put the matter to shareholders for approval February 23.