BNDES outlays in the year already exceed those of 2008
Folha de S. Paulo
Called one of the pillars of the policy of the Government to reduce the effects of the crisis and as one of the financial supporters of the investment program of Petrobras, the BNDES broke, even before the end of the year, the annual record of loans since its foundation, in 1953. From January until the second week of October, the bank had released R$ 105 billion (US$ 61.1 billion).
In 2008, which had also been a record year, the loans amounted to R$ 90.8 billion (US$ 52.8 billion). The growth between 2008 and 2009 amounts to 15%. "We should end the year with R$ 120 billion, R$ 130 billion (US$ 69.8 billion, US$ 75.6 billion)", foresees the CEO of the bank, Luciano Coutinho. In July, the BNDES announced the biggest credit operation of its history as it released R$ 25 billion (US$ 14.5 billion) to contribute with the plan of nearly R$ 300 billion (US$ 174.4 billion) which Petrobras intends to invest up to 2013, in the exploration and in the production of oil (specially, in the pre-salt region) and in the construction of petrochemical companies and ducts. Even if the outlay to Petrobras is not considered, the results of the BNDES until September point to a performance, in 2009, above that of the pre-crisis period. In the first nine months of this year, without the oil company, R$ 70.8 billion (US$ 41.2 billion) were lent, or 18% more than in the same period of 2008.
The performance is due, in part, to the cut in the interest rate made in the credit lines for the purchase of machinery and equipment, in June. In some lines, the real interest (less inflation) reached zero. But there are no plans, according to the BNDES, to extend the reduction in the interest rate beside the originally fixed term, December 31. According to the bank, the daily average of loan applications for machines and equipment stayed below R$ 80 million (US$ 46.5 million) in January and February, after the record of R$ 149 million (US$ 86.6 million) prior to the crisis. Now, with the cuts in the rates, it recovered and it is at R$ 109 million (US$ 63.4 million). Another segment with the funding on the rise was the infrastructure segment, especially the projects of the electric sector, which took R$ 13 billion (US$ 7.6 billion), or 120% more than in the first nine months of 2008.