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BNDES Denies Cosan Credit on Government Allegation

BNDES, the Brazilian development bank, suspended all loans to Cosan, the sugar and ethanol producer, on allegations Cosan has workers in slave-like conditions.

BNDES said it will only resume lending to Cosan after it is no longer on a government ‘blacklist’ of companies that maintain workers in conditions similar to slavery.

The development lender approve a 635.7 million reais (US$363mn) loan for Cosan in June last year. The funds have not yet been lent.

Posted in Credit, Trade Finance. Tagged with , .

By Newsroom
January 8, 2010

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  1. BNDES Resumes Cosan Credit – BrazilDCM.com linked to this post on January 12, 2010

    [...] BNDES, Brazil’s development lender, announced on Monday it will restart lending to Cosan as the ethanol and sugar producer’s name was removed from a government list of companies that has workers in slave-like conditions. [...]

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