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The International Finance Corporation (IFC) and the Inter-American Development Bank (IADB) will lead a syndicated loan of up to US$200mn to Brazil ‘s largest private bank Bradesco.

The loan will be used for export financing and involves “A” loans from the two multilateral agencies and “B” loans from syndicated banks.

“We are negotiating at least US$100mn, but depending on local demand we may reach U$200mn,” Bradesco’s foreign exchange technical director Marlene Millan says. Syndication is imminent and some 50 foreign banks the IADB usually operates with will be invited to participate.

“We will have a part from the IFC and a part from the IDB, each putting up an A loan of US$10mn-US$20mn,” Millan says.

For each US$10mn put up by a multilateral agency, another US$40mn is usually obtained through foreign banks joining the syndication.

Bradesco will likely have US$20mn from the IFC and US$20mn from the IADB, and syndicated B loans of US$80mn linked to each A loan.