Brazil's Senate has approved a $4.6 billion financing contract that took place last week with Sweden for buying 36 Gripen fighter jets for the country’s Air Force.
The 36 Gripen NG fighters that country is purchasing from Saab includes 28 single-seat and eight two-seat jets, as well as related systems and equipment, Reuters reported Wednesday.
The Senate completed through a request from President Dilma Rousseff's government authorizing it to borrow up to US$4.5 billion from Sweden's export credit agency SEK and take out an additional loan in dollars for $245.3 million.
In the midst of a fiscal crunch, Brazil managed to negotiate better terms, reducing the interest rate for the SEK financing to 2.19 per cent from 2.54 per cent agreed last year.
The first Gripen NG fighter jets should be delivered to Brazil in 2019. Saab plans to set up a Brazilian assembly line producing the fighter jets through 2024 in partnership with Brazilian planemaker Embraer SA.
The contract provides for full transfer of technology and the production of 15 of the jets in Brazil.
Brazil awarded the contract in December 2013, choosing Saab's fighter over Boeing Co.'s F-18 Super Hornet and the Rafale made by France's Dassault Aviation SA.
Brazil signed an additional $245 million deal with Saab in April to supply arms for the Gripens.
Brazil and Sweden have agreed on reducing the commercial interest rate on the purchase of 36 Gripen NG fighter jets for the Brazilian Air Force. Brazil is now looking at refinancing its procurement of the Saab Gripen fighters after reduction of interest rate from 2
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The Swedish Peace and Arbitration Society have lodged a complaint seeking an inquiry of alleged corruption in the sale of Gripen fighter jets to Thailand. According to the SPAS, the agreement between FMV and Thailand for the purchase of Gripen JAS 39 fighters offered scholarships to Thai military officers
Saab today announced that its SEK39.3 billion (US$4
Brazil has signed the financing agreement with Sweden that will allow the acquisition and development of Swedish Gripen NG fighter. It is the final step for the start of production of new fighters, the Brazilian defense ministry announced Tuesday
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