Dec 20, 2011

• Infrastructure sector accounted for 41% of disbursements
• Micro, small, and medium-sized enterprises received a record value of R$ 40.6 billion

The BNDES disbursed R$ 104.2 billion between January and October this year. The infrastructure sector had the largest share in the outcome, accounting for 41% of the Bank’s total disbursements in the period.

Projects in electric energy, telecommunications, railway and highway transport, among others of a structural nature, received R$ 42.7 billion in funding, thus contributing to maintaining the investment growth rates higher than GDP.

Industry accounted for 31% of total disbursements (R$ 32 billion), followed by trade and services (20%) and agriculture (8%).

The micro, small, and medium-sized companies (MSMEs) were also featured in the performance in the first ten months of the year, receiving a record value of R$ 40.6 billion, representing 40% of the BNDES’ total disbursements in the period.

The historically unprecedented level is due to the performance of both the Investment Maintenance Program (BNDES - PSI) and the BNDES’ Card. The Card alone, an exclusive product for MSMEs, recorded unprecedented disbursements of R$ 6 billion this year.

The result also shows a record volume of transactions. There were 718,000 in the first ten months of 2011, of which 94% (677,000 operations) were for micro, small, and medium-sized enterprises.

Thus, the BNDES has kept its commitment to expand access to finance for micro, small, and medium-sized companies, contributing to the democratization of credit.

Comparison - The BNDES’ disbursements between January and October this year is 26% lower than the same period in 2010. The decrease is due to the high base of comparison, reflecting the capitalization of Petrobras, R$ 24.5 billion, held in September 2010. Excluding this operation, disbursements this year are 10% lower when compared to the same period last year.

Such a performance is in keeping with the planned slowdown in the Brazilian economy. The numbers are following the path described by the Bank, with total disbursements of R$ 140 billion in 2011, while, at the end of the year, there should be an acceleration in disbursements.

Statistics from last October on its own also indicate a maintenance of investments. Disbursements reached R$ 12.3 billion in October, a decline of only 4% compared to October 2010.