The Brazilian Development Bank (Banco Nacional de Desenvolvimento Econômico e Social – BNDES) will limit the credit cheaper and for longer terms to the infrastructure sectors, capital intensive companies and projects that bring technological innovation. Other sectors, especially services and those targeted to foreign trade, will bear a higher cost of financing – the bank will capture the market resources and will transfer part of that cost to the borrowers.
These are the three major orientations, the CEO of BNDES Luciano Coutinho said in an interview to Valor PRO – Valor’s real-time news service.
According to him, the purchase of machines and equipment will continue to be supported by the bank’s cheap credit, in order to not harm the investment rate of the economy.
In other areas, we can modulate the offer so that it can be complemented by the market. If the entrepreneur wants, we will offer a piece at market cost. It will be more expensive compared to credit for infrastructure, but no more expensive compared to the market, he said.
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The changes meet the need to reduce the dependence of companies on resources subsidized by BNDES and consequently the decrease of the contributions of the National Treasury to the bank, an agenda that has been crafted by Coutinho since 2008, when the transfers from the federal government began to grow faster in response to increased demand of companies for investments – since then, the institution has received $137.54 billion from the Treasury and, yesterday, the Minister of Finance Guido Mantega has confirmed a new transfer of approximately $9 billion by December.
Coutinho and his team work on creating mechanisms to encourage fundraising by companies in the capital market. One idea is to lower the cost of financing for companies that issue debentures in joint operations with taking credit from BNDES. The bank is willing even to buy a portion of these papers, in order to encourage other investors to do so. It also intends to share the guarantees of credit operations to the debentures, a way to make this type of investment more secure and therefore more attractive.
The CEO of BNDES assured that the state-owned bank has not lost a penny with the debacle of Eike Batista’s companies. Out of $2.74 billion loan, only $229.04 million remains in a group company, but are secured by bank guarantee.
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