12/02/2008 10h02
BNDES uses US$ 2.7 billion to finance working capital
Valor Econômico - 12/02/2008
The Brazilian Development Bank (BNDES) will use R$ 6 billion (US$ 2.7 billion) to finance the working capital of Brazilian companies. Named Credit Special Program (PEC), the line will allocate up to R$ 50 million (US$ 22.2 billion) per company, with a limit of 20% of the gross operating income of the company. The president of the BNDES, Luciano Coutinho, believes the companies may already request for the funds next week and that, for companies with a good relationship with the development bank, the money should be available within 15 days from the request. The financings of the PEC will be granted by the BNDES indirectly, by means of agents accredited by the development bank or in direct operations though a bank guarantee. The lines will have fixed interest rates of up to 20.05% a year, including the financial agent spread of up to 4% a year. In operations with micro-, small- and average-sized enterprises the rates will be of 19.15% a year. The total term for the amortization of the financings shall be of up to 13 months, with a grace period of up to five months. The funds for the PEC are part of the R$ 10 billion (US$ 4.4 billion) announced last month by the Minister of Finance, Guido Mantega, for the development bank, received from
Caixa Econômica and
Banco do Brasil. The other R$ 4 billion (US$ 1.8 billion) will be intended for bridge loans and pre-shipment operations, as credit for export. Besides the PEC, Coutinho revealed the bank studies to develop other initiatives to reduce the shortage of resources for the small- and average-sized companies. Among them, the officer did not rule out the possible constitution of Credit Right Funds . For bridge loans, the contracting may be done directly with the BNDES or through the accredited financial institutions, at a cost of 14.5 % a year, plus the basic remuneration to the development bank, added of the credit risk rate in direct operations. In indirect operations, the rate of 14.5% is added of the BNDES remuneration, financial mediation fee and remuneration of the accredited institution.
