Apr 19, 2012

• Industry leads rise in consultations and eligibilities in the period

Disbursements from the BNDES reached R$ 24.5 billion in the first quarter of this year, almost on par with the same period last year. Meanwhile, consultations and eligibilities of projects in the Bank grew significantly. In the period January/March, the BNDES received consultations at a total of R$ 55.7 billion, an increase of 37% compared to the first quarter last year. Eligible projects, at R$ 48.3 billion, increased by 28%.

These results were boosted by industry, with an increase of 120% in consultations and 104% in eligibilities. This was due largely to the transport material segment as well as chemicals and petrochemicals, the latter with projects related to exploration and production of oil and gas.

The infrastructure sector, with disbursements of R$ 9.9 billion, accounted for 41% of the BNDES’ total releases in the January/March period. A sectorial analysis of the BNDES’ performance shows that infrastructure disbursements reflect important investments underway in the country, most of them part of the Growth Acceleration Program (PAC), especially in the sectors of electricity (R$ 2.6 billion released) and road transport (R$ 4.2 billion), the latter with funding for works in federal and state highway concessions.

The first quarter was also marked by record participation of micro, small and medium-sized enterprises (MSMEs) in the total amount disbursed by the Bank. With R$ 10.1 billion, MSMEs accounted for 41% of the total amount released by the institution throughout January/March. During this period, there were 220,000 operations with smaller companies (95% of all operations performed), in keeping with the BNDES’ path to democratize credit. The good performance was driven by the BNDES Card, with 150,000 operations performed, reaching a value of R$ 2 billion.

The results for the first three months of the year, particularly in consultations and eligibilities, indicate an upward trend for investments in the country. This behavior will be reinforced with measures announced by the federal government earlier this month, including the prolongation of the Investment Maintenance Program (BNDES PSI) up to December 2013, with reduced interest rates and extended participation of the BNDES’ financing.

March – In March alone, the Bank’s releases amounted to R$ 9.3 billion, an increase of 20.8% compared with March 2011. Growth was a norm last month, covering all sectors supported by the BNDES, especially industry (R$ 3.1 billion), which recorded the largest expansion: 39.5% compared to March 2011. This includes investment projects in pulp and paper, besides textile and clothing as well as food and beverages, the latter labor-intensive.

Disbursements to infrastructure, R$ 3.2 billion, increased 7% in March, led by electricity, telecommunications and railway transport projects. Infrastructure also showed strong growth in the consultations for the month, with R$ 10 billion (growth of 23.6%), and eligibilities, R$ 7.5 billion (up 20%).

In the electric energy sector, one of the highlights is the wind generation projects, which will increase the importance of this energy source in the country's energy grid. The BNDES’ financing portfolio currently has projects contracted for 78 wind farms, involving R$ 6.4 billion in funding, which will be disbursed over the next few years.