The BNDES’ performance in 2011 was associated with two specific processes: (1) continuous efforts to provide financing for long-term investment projects, especially in industry and infrastructure, propelling the continuous expansion of the Gross Formation of Fixed Capital (FBCF) in the economy; and (2) the “democratization of credit,” with a higher increase in disbursements allocated to acquiring machinery and equipment, and to MSMEs.
As seen in the chart below, disbursements reached R$ 139.7 billion in 2011. This is a decline of 17.1% in comparison to 2010, when allocated amounts were R$ 168.4 billion. However, the amount in 2010 was influenced, above all, by Petrobras’ R$ 25 billion capitalization operation. Excluding this from the 2010 disbursements, the drop in allocated amounts in 2011 would only have been 3.2%.
Click on image to enlarge it.