BNDES disbursements grow 45% in the quarter
Valor Econômico - 04/30/2008
The disbursements of the National Economic and Social Development Bank (BNDES) in the first quarter reached R$ 16.4 billion (US$ 9.4 billion), a 45.4% high in comparison with the disbursed volume in last year's same period. In the 12 months ended in March, the disbursements of the development bank increased 25.4% compared to the 12 immediately previous months, to R$ 70 billion (US$ 40 billion). The greater increase of disbursements in the first quarter was for infrastructure, with a high of 61.3% compared to 2007's first three months, to R$ 5.6 billion (US$ 3.2 billion). However, the greatest share of funds went to the industry, which received R$ 7.6 billion (US$ 4.3 billion), 38% more than what was received between last year's March and January. Agriculture received R$ 1.3 billion (US$ 742.9 million), a 15% high, while the sector of services had R$ 1.9 billion (US$ 1.1 billion) in the first quarter, with a growth of 61% in comparison with last year's same period. In terms of approvals, BNDES closed the first quarter with R$ 21.7 billion (US$ 12.4 billion), 21.5% more than last year's first quarter. In 12 months, the amount approved by the institution reached R$ 102.6 billion (US$ 58.6 billion), a 22.3% high compared to the 12 immediately previous months. In the first quarter, the high highlight was the industry, which grew 88.2% in approvals, to R$ 13.2 billion (US$ 7.5 billion), while the sector of infrastructure had R$ 5.4 billion (US$ 3.1 billion) approved, a fall of 24.6%. The approvals for agriculture fell 3.7% in the first quarter, to R$ 1.1 billion (US$ 628.6 million), while the retraction in the sector of services was 21.9%, to R$ 1.9 billion (US$ 1.1 billion). Despite this year's less warmed stock market, the disbursements of BNDES were still below the amounts raised by companies through public offers registered in the Securities and Exchange Commission (CVM), which reached the level of R$ 43 billion (US$ 24.6 billion) in the first quarter. Most of such volume, nearly 75%, referred to fund raising trough debentures, which were greatly warmed in January and February. Last year, stocks were the leaders among the different types of issuances.