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Brazil auto industry gets 4 bln reais credit line

Tue Nov 11, 2008 10:31am EST

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SAO PAULO, Nov 11 (Reuters) - The Sao Paulo state government said on Tuesday that it would extend a 4 billion reais ($1.8 billion) credit line to the automotive industry to help it ride out the current financial crisis, which is putting the brakes on Brazil's economy.

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The state's finance secretariat said in a statement that the money would be lent by state-controlled bank Banco Nossa Caixa (BNCA3.SA), which will offer loans with maturities of up to 18 months to vehicle financing units.

Brazil has become a crucial market for global automakers such as Italy's Fiat (FIA.MI), Germany's Volkswagen AG (VOWG.DE), and U.S.-based General Motors Corp GM.N and Ford Motor Co (F.N). (Reporting by Alberto Alerigi Jr., Writing by Todd Benson; Editing by Lisa Von Ahn)

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