Jan 25, 2016

• The most demanding sector, Infrastructure received 40.4% of total disbursements. One highlight were the electric energy projects (R$ 21.9 billion) and transport logistics (R$ 20 billion)

The Brazilian Development Bank (BNDES) disbursed R$ 136 billion for investment projects in 2015. The Infrastructure sector received the largest disbursement with R$ 54.9 billion or 40.4% of the total, followed by Industry – to which the BNDES disbursed R$ 36.9 billion (27.1%) –, Trade and Services (R$ 30.4 billion or 22.4%) as well as Agriculture and Cattle Raising (R$ 13.7 billion or 10.1%).

In comparison with the previous year, there was a 28% drop in disbursements. Approvals reached R$ 109.5 billion and inquires reached R$ 124.6 billion. Both indicators fell 47% compared to 2014. This performance is in keeping with the slowdown in the demand for new investments and was affected by the tax adjustment policy implemented by the federal government. This led to two changes: more restrictive conditions in the equalized programs, and end of the National Treasury’s loan policy to the BNDES.

Priority sectors – With this scenario, the BNDES adjusted its Operating Policy, maintaining higher levels of participation, lower rates and longer terms for priority sectors and concepts. As a result, and even with this slowdown, the Bank managed to maintain consistent levels of support in important areas. Highlights include electric energy projects, which received R$ 21.9 billion (15% up) and transport logistics, which increased 8% with approximately R$ 20 billion disbursed.

The most relevant leap in financing operations to energy areas was in wind projects, which grew 85% with disbursements jumping from R$ 3.3 billion to R$ 61 billion. In the logistics area, an important breakthrough occurred following releases to urban mobility projects, which reached R$ 8.5 billion, some 30% above the R$ 6 billion disbursed in 2014. For subway transport alone, including building and expanding subway systems in São Paulo, Rio de Janeiro, Salvador and Fortaleza, the BNDES released R$ 6 billion in 2015 against R$ 4.6 billion in 2014.

Disbursements from the BNDES to projects in the so-called Green Economy also stood apart, reaching R$ 31.3 billion in 2015, an increase of 11%. The Green Economy comprises projects such as energy efficiency, renewable energy, management of water, sewer and solid waste, agricultural improvements, adaptation to weather changes, reforestation and public transport (subways and trains), among others.

In Innovation, the Bank managed to maintain a high level of support with disbursements of R$ 6 billion, the same record achieved in 2014. Some of the highlights were support projects for engineering efforts in the aeronautical and microelectronics sectors, as well as support to develop advanced biotechnology in areas such as biopharmaceuticals, biofuels and biochemicals.

The BNDES Card, exclusively for micro, small and medium-sized companies ended the year relatively stable with releases of R$ 11.2 billion and 746,000 operations performed against the R$ 11.5 billion in 2014. An important credit instrument, the Card contributed to disbursements to smaller companies, for which the BNDES released R$ 37.3 billion last year, with 926,000 operations performed.

To view the full version of the BNDES’ performance bulletin please click here.