Brazilian mining giant
Companhia Vale do Rio Doce (Vale), has confirmed that it has obtained $5 billion in financing from Japanese export credit agencies
Japan Bank for International Cooperation (JBIC) and
Nippon Export and Investment Insurance (Nexi).
The financing will be used by the company to develop its mining, logistics and power generation projects under a four-year Vale investment program.
The new agreement is part of a larger financing package for Vale's capital expansion program. In April Banco Nacional de Desenvolvimento Econômico e Social (BNDES), the Brazilian National Development Bank, provided a committed credit facility of BR$ 7.3 billion ($4.4 billion).
