Sep 6, 2011

The BNDES’ disbursements reached R$ 69.4 billion between January and July this year, a reduction of 5% compared to the same period in 2010. Of this amount, R$ 13.6 billion was released last July, with a slight growth of 1.6% against the same month in the previous year.

This behavior reflects the BNDES’ expectations for stability in disbursements, which in 2011 should reach the same level as in 2010, approximately R$ 146 billion (not including the R$ 24.8 billion for the Petrobras’ capitalization held in September last year). The performance over the last 12 months ending in July corroborates this trend. During this period, the Bank released R$ 140.2 billion.

In the first seven months of 2011, consultations fell 23% from R$ 103.9 billion, and approvals dropped 17%  from R$ 83.2 billion, in comparison to the same months in 2010. On the other hand, eligibilities maintained stability at R$ 105.4 billion.

The indicators reflect last year’s investments ahead of schedule, which generated great demand for BNDES-PSI funds. The initial expiration date for the program was June 2010.

PSI was later extended until December of that year, and then to March, 2011. However, in all periods prior to these extensions, requests for funding increased since companies concentrated their requests for support to take advantage of the program’s lower fees. Thus, the basis for comparison with 2011 increased. With the launch of the Brazil Maior Plan in the beginning of this month, the validity of the PSI has been extended until the end of 2012.

The Bank disbursed R$ 28.8 billion in infrastructure between January and July, and now the sector accounts for 42% of the amount released. Industry, at R$ 22 billion, received 32% of the Bank’s general releases. For Agriculture, disbursements totaled R$ 5.7 billion; and for the Trade and Services sector, R$ 12.7 billion.

Micro, small and medium-sized companies (MPMEs) maintain the excellent performance registered since the beginning of the year. The BNDES released R$ 27.6 billion until July for MPMEs, or 40% of the total amount, with 437,000 operations carried out (94% out of the Bank’s total). One highlight of this result is the BNDES Card, with R$ 3.7 billion released in 268,500 operations to smaller companies.