Jan 23, 2012

• Infrastructure sector accounted for 40% of disbursements

• MSMEs reach 36% in total transfers

• Credit operations total almost 900,000


The BNDES’ disbursements closed the year 2011 at R$ 139.7 billion. The result was within the Bank’ expectations and allowed the institution to continue contributing to the expansion of investments in the Brazilian economy, with emphasis on the infrastructure sector.

One of the main highlights of last year's performance was the fact that the BNDES recorded the highest number of operations in its history. The total number of funding operations was 896,000, an increase of 47% compared to 2010, expanding access to the Bank’s credit, particularly for micro, small and medium enterprises (MSMEs).

Total disbursements to MSMEs, R$ 49.8 billion, was a record, and the proportion of resources allocated to smaller companies also closed the year at its highest level in history, 36% of total disbursements. The BNDES Card was one of the factors behind such growth. Card disbursements reached R$ 7.6 billion, an increase of 76% over 2010.

The geographic decentralization of credit was a highlight. The North and Northeast regions accounted for 22% of the Bank’s total disbursements, an increase in relation to the 17% in 2010. The participation of the two regions in the BNDES’ disbursement is in keeping with their contribution to Brazil’s GDP.

Although they account for a 17% drop compared to 2010 disbursements, R$ 168.4 billion, releases remained at a level similar to that year. Subtracting the R$ 24.7 billion invested by the BNDES in the capitalization of Petrobras, 2010 disbursements reached R$ 143.6 billion. 

Exceptional operations in 2010 with the oil company also had a statistical impact on other BNDES indicators in comparison with 2011. Consultations for the Bank’s funding closed the year at a high level, R$ 195.2 billion, despite receding 24% in comparison with 2010. Approvals were at R$ 164.5 billion, which represented a decline of 18%.

Strategy - The BNDES’ performance in 2011 helped the country maintain the expansion of investments in GDP growth, allowing Brazil to grow with no bottlenecks and inflationary pressures.

At the same time, the performance reflected the measures adopted last year, when the Bank changed the interest rates of the BNDES Investment Maintenance Program (BNDES PSI), reduced its level of participation in total loans and suppressed working capital lines that had been created in the most acute moment of crisis (pre-shipment for consumer goods and SGP). Thus, the BNDES seeks to broaden the space for growth in the performance of the private sector in granting long-term credit.

Sectors - The biggest highlight in 2011 was the Bank’s transfers to large infrastructure projects. The infrastructure sector led disbursements, at R$ 56.1 billion or 40% of total disbursements. The most significant amounts were for highway transport, at R$ 26 billion, and electricity, at R$ 15.9 billion.

To  industry, the Bank disbursed R$ 43.8 billion (representing 32%), with emphasis on transport equipment (R$ 8.2 billion), chemicals and petrochemicals (R$ 7.1 billion), food and beverages (R$ 6.8 billion) and engineering industry (R$ 4.5 billion). To trade and services, the BNDES invested R$ 29.2 billion (21% of total) and to agriculture, R$ 9.8 billion (7%). 

Financing machinery and equipment in the BNDES PSI lines strongly contributed to investments in all sectors supported by the Bank. In 2011, disbursements to the PSI - a program which expires next December - amounted to R$ 42.5 billion.