Embraer, BNDES to set up $59 mln fund for Brazil aerospace industry

SAO PAULO Wed May 7, 2014 8:13am EDT

SAO PAULO May 7 (Reuters) - Embraer SA , the world's largest regional aircraft maker, will set up a 131 million real ($59 million) investment fund for projects in the Brazilian aerospace industry alongside a number of state entities, according to a securities filing on Wednesday.

Embraer will start the fund with state development bank BNDES, the São Paulo State Development Agency and Finep, a federal government-funded research and development institution, according to the filing.

($1 = 2.23 Brazilian reais) (Reporting by Guillermo Parra-Bernal and Alberto Alerigi Jr)