Nordea and KfW Ipex Bank are providing a 10-year US$400mn export loan to finance Brazilian telecommunications enterprise Telemar Norte Leste (Telemar).

Both banks are contributing US$200mn each to the facility, which will be backed by Finnish export credit agency Finnvera.

Finnish-German joint venture Nokia Siemens Networks (NSN) will develop the telecommunications network in Brazil.

Telemar is investing in its brand Oi by expanding its own 3G network in order to meet growing demands on the national mobile data network. Currently, fixed and mobile broadband are among the major growth areas of the Brazilian telecommunications infrastructure.

The loan agreements were signed at the end of 2011.