BNDES financing increases 11% in 1st half
Folha de S. Paulo
The general performance of the BNDES in the first half of this year registered records and showed acceleration in the rhythm of investment in all indicators, which made the CEO of the bank, Luciano Coutinho, reaffirm that "the worst is gone". R$ 43 billion (US$ 22.3 billion) was released in the period, with an increase of 11% compared to the same period of last year, before the worst moment of the crisis. In 12 months, the release of funds reached the peak of R$ 96.6 billion (US$ 50.1 billion), 22% above the amount released in the 12 preceding months.
"We have not overcome the crisis yet. We have to work on the consolidation of the growth, but indications are very positive", affirmed Coutinho. "The increase in the investments indicates the country is getting ready to grow without pressure from inflation when the crisis is over." The data allows concluding the movement of entrepreneurs and executives to the bank seeking financing is also a record. The inquiries, first stage of any request for financing, achieved of R$ 111 billion (US$ 57.5 billion) this year, and R$ 207 billion (US$ 107.3 billion) in 12 months.
These rates are 40% higher compared to prior periods.
The estimate of the BNDES is that the outlays in 2009 should remain between R$ 110 billion (US$ 57 billion) and R$ 120 billion (US$ 62.2 billion). Last year, the total of financings of the bank reached R$ 91 billion (US$ 49.7 billion).
Last week, the government announced a reduction in the long-term interest rate, the basis for the bank financings, from 6.25% to 6% a year. Additional cuts were also promised for export lines and lines for the purchase of machines. These reductions, according to Coutinho, should effectively get to the bank within the next days.