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05.12.08
» BNDES cuts down production development
policy financing
President Luiz Inácio Lula da Silva announced the
Production Development Policy, on Monday, 12, together with
the Ministry of Development, Industry and Commerce, Miguel
Jorge, and BNDES President, Luciano Coutinho, in a ceremony
with State ministries, governors, political leaders,
businessmen and workers. BNDES adopted several actions to
support productive investments and exports and incentive to
innovation, research and development.
BNDES spreads have been cut down, capital goods financing
were slashed, and the maturities for the Finame program of
capital goods for the industry were increased by twofold,
from five to ten years.
BNDES will be main player in the new industrial policy, with
loans expected to reach R$ 210bn between 2008 and 2010, in
industry and services alone. This amount may surpass R$
300bn if we consider financing to infrastructure investments
provided by the Growth Acceleration Program (PAC) - “the
current PAC portfolio in BNDES accounts for 190 projects”,
Luciano Coutinho said – and a portion of innovation program
funds of the Ministry of Science and Technology that will be
transferred by BNDES.
According to the Federal Government goals, the new program
will raise the economy’s fixed investment rate from 17.6% to
21% of the Brazilian GDP up to 2010. The share of Brazilian
exports in the world trade will jump from 1.18% to 1.25%,
with expected external sales of US$ 208.8bn in three years;
a 10% increase must take place in the number of micro and
small exporters; and the private sector expenditure in R&D
must get to R$ 18.2bn in 2010, corresponding to 0.65% of the
GDP, above the current rate of 0.51%.
BNDES financial and credit policies have been reviewed,
resulting in a cut down of the bank's average basic spread
and also the financial intermediation rate. Also, the need
to address the increasing financing demand will require
changes to BNDES share level, which will allow raising the
investments multiplying effect.
Main actions taken by BNDES:
• Cut down of average basic spread from 1.4% to
1.1%
• Cut down on the financial intermediation from
0.8% to 0.5%
• Cut down on the capital goods financing cost,
of which basic spread drops from 1.5% to 0.9% per annum,
with 100% of financing in Long-Term Interest Rate (TJLP).
• The maturities of Finame loans for machines
and equipment for the industry increased by twofold, from
five to 20 years.
In order to support the investments in innovation, BNDES
will provide R$ 6bn financing to the sector between 2008 and
2010. To do that, credits to technology innovation (R&D)
will have a fixed rate of 4.5% per annum. Credits to
engineering and business innovation will be charged at the
TJLP only. And the Funtec budget jumps from R$ 100m to R$
300m.
BNDES Capital Market segment was boosted, with the setup of
a specific variable income area for investments and interest
in innovative companies.
BNDES also adopted specific measures for the Northeast by
setting up the Fundo de Investimento em Participações (Investment
Fund for Business Interests) to capitalize local companies.
The Fund will have a R$ 300m equity constituted by BNDES,
Banco do Brasil and Banco do Nordeste.
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