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Tuesday, April 21, 2009

Financing in Order for Brazilian Sub Procurement

Scorpene class submarineAccording to an authorized French source, 70 percent of the commercial bank financing is in place for Brazil's Scorpene submarine procurement.

The financing of 70 percent of the Total cost is completed and will be provided by the French, the source said at the Latin American Aerospace and Defense Show on April 15.

The Total package is worth $8.8 billion and includes the purchase of four DCNS-built Scorpene attack submarines.

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