BNDES - Brazilian Development Bank

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The Evolution of the BNDES’ Disbursements

R$ billion


Disbursements of the Brazilian Development Bank (BNDES) grew by 30% in the first three months of 2019 compared with the same period in 2018. The Bank’s releases reached R$ 14.48 billion in the quarter. 

The approvals of new financing by BNDES between January and March of this year, in turn, totaled R$ 9.9 billion (reduction of 38% compared with the same period of 2018), and consultations, R$ 8.34 billion (reduction of 41% compared with the first three months of the previous year).

The infrastructure sector stood out among the disbursements and received R$ 6.96 billion, or 48.1% of total funds. Right behind there were the sectors of farming, with R$ 3.54 billion (24.4% of total); industry, with R$ 2.59 billion (17.9%); and trade and services, with R$ 1.39 billion (9.6%).

Compared with the first quarter of last year, the releases for these segments varied 71%, 30%, 51% and -48%, respectively. The growth in credit for infrastructure was boosted by the electric power and transportation sectors.

MSME – Between January and March, micro, small and medium-sized enterprises (MSME) received R$ 6.25 billion in BNDES’s disbursements, amounting to 43.2% of the Bank’s releases, corresponding to a 3% increase compared with the same period of 2018.

In the segment, small and medium-sized enterprises received R$ 2.05 billion (14.1% of disbursements) and R$ 3.1 billion (21.4%), respectively. For small-sized enterprises, the releases increased by 20% compared with the first quarter of last year.

Large-sized enterprises, in turn, received R$ 8.23 billion, which corresponds to 56.8% of total liberations. In the period, disbursements to the segment grew by 61%.

Regions – In the quarter, the Southeast region received R$ 4.39 billion in disbursements (30.3% of the total released), with a variation of 2% compared with the first three months of 2018. The Southern region received R$ 4.13 billion in releases (28.5% of total), an increase of 45% compared with last year.

Right behind there is the Northeast region, with R$ 3.29 billion (22.7% of the total disbursed) and a growth of 63%, followed by the Midwest, with R$ 1.6 billion (11.2% of total) and a negative variation of 3%, and by the North, with R$ 1.05 billion in releases (7.2% of total) and a 225% increase compared with the same period in 2018.

Capital markets – In the first quarter of 2019, BNDES paid a total of R$ 62 million in 15 operations for the Private Equity Investment Fund (FIP) and R$ 22 million for a credit fund called Vinci Energia Sustentável FIDC.

The BNDES Performance Bulletin is available here.

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BNDES disbursements grow 30% between January and March and total R$ 14.5 bi
The infrastructure sector, with emphasis on investments in electric power and transportation, grew 71% in the period and received R$ 7 billion Micro, small and medium-sized enterprises received R$ 6.25 bi (43.2% of total)