10/20/2008 14h14
Against crisis, BNDES promises historical role
Folha de S. Paulo - 10/20/2008
The mission of the BNDES (Economic and Social Development National Bank) in the next months will be of minimizing the effects of the second wave of the world crisis that should drag the world with it. "We are feeling the impact of the first wave, the financial one. But the second wave is coming, which will affect the economic activity level, and Brazil will be dragged by it", says Ernane Torres, superintendent of the BNDES' studies and research area. He was part of the Brazilian party in a meeting of the IMF (International Monetary Fund) in the beginning of the month. According to Torres, the "anti-cyclic" role of a development bank will become more evident now. "BNDES will be able to play a historical role. Everybody will realize why official banks are important for a country", he said. The first task will be guaranteeing the current infrastructure projects. The bank wants to disburse R$ 85 billion (US$ 38.6 billion) this year, but it is already working with the expectation of injecting another R$ 10 billion (US$ 4.5 billion) to R$ 20 billion (US$ 9.1 billion) to provide for the lack of capital that, in normal times, would come from private institutions. Luckily, he affirms, not all projects will occur at the same time. For next year, the president of the bank Luciano Coutinho affirms already having R$ 70 billion (US$ 31.8 billion). Nonetheless, BNDES' superintendent admits that some projects should not be done. In the bank's headquarters there are consultations which, added, total R$ 118.5 billion (US$ 53.9 billion). There is R$ 22.2 billion (US$ 10.1 billion) in projects for the electric sector alone. Until august, the bank disbursed R$ 51.88 billion (US$ 23.6 billion) in financings. For the electric energy sector, R$ 4.487 billion (US$ 2.04 billion) was released. For ports, only R$ 60 million (US$ 27.3 million). The goal is reaching R$ 200 million (US$ 90.9 million) in disbursements for port projects. One of the biggest development banks in the planet, only behind Asian institutions, BNDES has not measured the effects of the crisis on the PAC (Growth Acceleration Program) yet. According to Torres, Petrobrás' forecast of investments will be fundamental for that evaluation. Petrobrás postponed the new 2009-2013 investment program again. "We have to wait and see what Petrobrás will do. In the electric sector, it is possible to have delays in transmission lines. The house-building sector may also be affected", affirms Torres.
