Sep 6, 2012

• Results show a balance between industry and infrastructure

The BNDES’ disbursements reached R$67.9 billion between January and July this year. Approvals amounted to R$ 86.8 billion, while consultations for new financing reached R$ 138.7 billion in the first seven months of 2012.

Compared to the same period in 2011, consultations grew 34%, approvals rose by 2%, and disbursements showed negative growth of 2%.

Results show a balance between disbursements to industry (34% of the total released by the Bank) and infrastructure (33%) in the accumulated result for the first seven months of this year. Such behavior reflects the set of measures adopted by the government to stimulate investment. Among them, the Investment Maintenance Program (PSI), which this year alone disbursed R$ 17.7 billion in financing.

With it, disbursements to the industrial sector grew 4% to R$ 22.8 billion in January-July, compared to the same period in 2011. This recovery is also evident in the level of approvals in the sector (R$ 37 billion), up 13% this year.

More investment in machinery and equipment, seen in recent months, contributed to the result.

The R$ 9.4 billion credit limit contracted in June to finance Petrobras' investment plan for 2011-2015 also had a positive influence on industry results. According to the BNDES’ estimates, disbursements to the oil & gas industry this year will reach approximately R$ 8 billion, of which R$ 3.8 billion is for the production industry. These numbers represent a significant increase compared to 2011, when a total of R$ 3.3 billion was released to the oil & gas sector, with R$ 2.2 billion to the production sector.

Another highlight is the trade and services segment, which received R$ 16.8 billion in financing from the BNDES up to July, accounting for 25% of the Bank’s total releases. The PSI, with disbursements of R$ 17.7 billion, and the BNDES Card, with releases of R$ 5.4 billion and 390,000 operations performed, explain most of the sector’s performance.

As the BNDES’ main priority, financing for innovation increased in disbursements. In the first seven months of the year, the total amounted to R$ 1.43 billion, against R$ 760 million in the same period last year.

To measure disbursements directly linked to socio-environmental sustainability projects, the BNDES has developed a specific statistical model for "green economy” industries. Releases to the sector reached R$ 10 billion in January-July.

The term "green economy" involves operations in renewable energy, energy efficiency, water resources and environmental sanitation, solid waste management, hybrid and electric buses and trucks, as well as Climate Fund projects.

July – In July, the BNDES’ disbursements reached R$ 14.3 billion, an increase of 5.6% compared to July 2011. The result was driven by the industrial sector, up 133% (R$ 7.6 billion), with highlights in the mechanical, metallurgy, chemical and petrochemical industries. This behavior is in keeping with Finame’s monthly result.

Last month, the BNDES’ performance was positive on all levels of the financing portfolio: consultations, at R$ 22.4 billion, grew 73%, and approvals, at R$ 14.3 billion, increased 37.6 %, in the monthly comparison.
Also in approvals, the mechanical, metallurgy, chemical and petrochemical sectors stand apart.

In infrastructure, approvals increased 40%, with an emphasis on construction, electricity and rail transport. In consultations in the infrastructure sector, growth was even higher, 147% (R$ 12.7 billion), with emphasis on telecommunications and rail transport.