BNDES Approves Argentina Subway Funds

BNDES has approved a $216m loan to French engineering company Alstom to pay for materials to build subway cars for Subterraneos de Buenos Aires, according to sources familiar with the funding plans. “Some administrative points, especially regarding financing, have to be defined before the official signature of the contract (when the company will make a public announcement, following investor relations communications rules),” Alstom says in a statement regarding the role of supplying the 120 cars. Further details of the loan’s terms were not available. Argentina is a regular recipient of BNDES funding, and of infrastructure project loans, says a source familiar with the bank’s financing plans.