Brazilian airline Varig,
which was sold last month to avoid falling into bankruptcy, said it could complete an order for a new credit line to buy aircraft manufactured by Embraer. 
The state development bank (BNDES) said it would offer a special credit line for domestic airlines that want to buy passenger aircraft manufactured by the Brazilian Embraer, the fourth largest manufacturer of passenger aircraft. 
VarigLog, the cargo airline Varig bought in July for $ 24 million, said it would seek up to 2,000 million dollars in financing from BNDES to purchase 50 passenger aircraft to Embraer. "I dream of buying Embraer jets," said Marco Antonio Audi, president of VarigLog.
VarigLog said Audi was already in talks with Embraer and Airbus to enlarge the fleet of Varig, which currently has 10 aircraft. The executive explained that the Embraer jets would be used for domestic routes and international flights Airbus. Added
VarigLog was negotiating further loans to other banks as well as the BNDES, which charges less interest than private banks.
Demian Fiocca, President of BNDES, said the bank would finance up to 85 percent of the cost of each plane.
"Since last year, we have been working with Brazilian airline and aviation industry to create lines of credit and financial instruments to encourage airlines to invest in aircraft manufactured in Brazil," said Fiocca.
Fiocca said the development bank, known as BNDES, could finance up to 85 percent of the total cost of the aircraft. No one was immediately Embraer available for comment on the new line of credit.
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