BNDES plans to increase spending for infrastructure and energy by 10% this year, the bank’s president, Luciano Coutinho, stated to Folha.
“This year, resources for infrastructure and energy, especially renewable, won’t be lacking”, he stated in Davos, Switzerland, where he attended the World Economic Forum.
“In 2015, we spent with direct investment in infrastructure around 31 billion BRL, not counting funds through bank. In 2016, we expect growth in these expenditures to reach around 35 billion BRL”, he stated.
“We started last year with a very strong shortage in LTIR (Long-Term Interest Rate) resources because of the strong demand drop, which was the result of postponement of investments because of political and economic uncertainty, and finished the year with resources gap, compared to what we had expected.”
MORE READY CASH
BNDES (National Development Bank) has received from the Treasure a late equalization installment from the PSI (Investment Support Program), main line used after the 2008/2009 crisis and that ended last week. It was around 23 billion BRL.
“This received installment provided the bank with more ready cash and we can have a slightly more active policy to assess the real requirement from the economy.”
The bank’s idea is to offer support for “big priorities: infrastructure and energy – new concessions will come and, with such high Selic, it’s not the time where the market can come with long-term financing significantly. The propensity to infrastructure debentures is delayed.
Credit to export and for small and medium-sized enterprises will also have the choice of resources.
“We have to prepare ourselves to ensure that logistics and energy auctions and concessions are guaranteed. These are the type of projects that, if the BNDES doesn’t support them, they won’t get off the ground.”
Coutinho pointed out that the credit will come, but “obviously in other conditions”. “As Minister Nelson stated, the government in no longer subsidizing rate and the PSI program had the same fate.”
Funding will be with LTIR, which is at 7.5%.
“However, considering the inflation expectation and that the projects are of a ten-year average, there is a long-term interest rate that is not subsidized”, he pondered.
“We aren’t talking about pyrotechnics. This is needed to meet the demand of working capital, meet the demand for export credit and guarantee funds for infrastructure and energy”, Coutinho stated.
The bank’s president stated that the demand for credit has dropped, but that, in general, the offer from the financial system has also retreated.
MINUS 47% IN 2015
BNDES announced today that consultations for obtaining BNDES loans finished 2015 with a drop of 47% over the previous year, totaling 124.6 billion BRL.
On other hand, the bank’s disbursements dropped by 28% and totaled 135.9 billion BRL.
Some sectors had an increase of significant loans. In renewable energy, the increase in expenses was of 58%. It left 5 billion BRL in 2014 to 7.9 billion BRL in 2015.
The BNDES card, for small and medium-sized businesses continued performing well, according to Coutinho, because it has lower interest rates than the bank line and the company may use up to the limit it has. It finished 2015 with 750 thousand operations, with 11.5 billion BRL.
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