Brazil's national monetary council CMN has approved a measure that allows federal energy company Petrobras (NYSE: PBR) to take new loans of up to 8bn reais (US$3.7bn), the central bank said in a statement.
The resolution will help Petrobras during the credit crunch in foreign markets, a finance ministry spokesperson told BNamericas. Further details were not provided.
In September, CMN authorized national development bank BNDES to loan 25% of its reference holdings to Petrobras.
The decision authorized Petrobras to take up to 12bn reais in loans from BNDES.
CMN argued Petrobras will require more credit to fund its new projects, including exploratory work in the pre-salt layer.
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