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08.07.08
» Disbursements of R$ 79 bi and R$ 112 bi approvals in BNDES break new record
BNDES disbursements accrued in the last 12 months ended in
June 2008 reached R$ 78.8 bi, corresponding to a 34%
increase. This record performance reflects the effects of
the expanding cycle of investment taking place in the
Brazilian economy. So much so that in the second quarter of
2008, BNDES approvals also reached the highest levels in
history, R$ 111.8 bi until June.
Investments in infrastructure and in the industrial area
accounted for R$ 63.7 bi, 81.7% of the total disbursements
in 12 months. One of the highlights in BNDES performance in
the period consists in the growing disbursements for the
infrastructure area. In the 12 months ended in June,
disbursements for the sector grew 80%, reaching R$ 32.5 bi.
Disbursements for infrastructure projects skyrocketed in
2007. As for the industry, this process started long ago, in
2005, reaching a peak in 2006. Increasing disbursements for
infrastructure in such period were mainly due to road
transport and electric power. Altogether, these accounted
for R$ 22 bi, that is to say, 68% of disbursements for this
sector.
The industry was granted R$ 31.2 bi, corresponding to the 5%
increment. Such regular performance was the outcome of the
decrease in loans to the industry of transport materials
intended to exports. It is a peculiar behavior not
portraying, thus, the trends of investments in the industry.
To such an extent that by removing from the statistics the
loans to this sector, disbursements for the industry
increase by 19.7%.
By assessing the figures, we can see changes in the profile
of disbursements. The industry used to focus on operations
for exports that, due to the replacement of BNDES funds with
funds from the foreign market, have lost share in the Bank’s
disbursements.
On the other hand, there was a sharp increase in
disbursements for investments in the domestic market. In 12
months, loans for projects designed to meet domestic demands
grew 23%.
As opposed to infrastructure, in the industry we can see a
greater dispersion of sectors, especially food and beverages,
the chemical and petrochemical and textile and clothing.
Semi-annual result – Disbursements in the first six months
of the year also recorded the highest historic level in the
period, reaching R$ 37.9 bi. Out of this total, 42% were
intended to the industry (R$ 16 bi) and 40% to
infrastructure (R$ 15.2 bi), the most outstanding sector due
to the massive disbursements and project approvals in BNDES.
In the first six months of 2008, disbursements for
investments in infrastructure grew 83% as compared to the
same period last year. This is twice the growth in the
industry, of 43% as compared to the first six months of the
previous year.
In this semester, the highlights are the road transports,
79.8% higher, and electric power, 42% higher on
disbursements due to the loans to the investments made under
the Growth Acceleration Program (PAC). This process will go
on over the second semester of 2008, due to the expressive
volume of projects in BNDES portfolio.
Approvals - Approvals reached R$ 111.8 bi year to
date, ended as of June, representing a 30% growth as
compared to the same period of the previous year.
This good performance is sharpened in the first semester of
the year, when the total reached R$ 51.2 bi, 34% higher than
the first six months of 2007. Infrastructure projects
approved grew 14% as compared to the same period in 2007,
which is a sign that disbursements for the sector will keep
on growing.
In the industry, the 59.5% increase in approvals in the
first semester was influenced by some major operations for
the mining, food and beverage areas. In the year to date,
the 15.3% expansion reflects the widest demand in the mining,
textile and clothing and beverage and food sector.
Disbursements are expected to keep on growing. In the year
to date, approvals have been above disbursements, with
difference above R$ 30 bi. Infrastructure must be ahead of
other sectors. As for the industry, growth in disbursements
tends to be kept under the pressure of operations for the
domestic market.
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