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The Evolution of the BNDES’ Disbursements

R$ billion

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Disbursements from the Brazilian Development Bank (BNDES) totaled R$ 25 billion between January and June 2019, a decrease of 9% compared with the first semester of 2018. In 12 months, the amount reached R$ 66.7 billion, an increase of 3% compared with the previous period. In turn, the approval of new financing by BNDES in the first six months  reached R$ 18.7 billion (a 39% decrease compared with the same period of 2018), and consultations, R$ 24.7 billion (a 49% decrease).

In line with the Bank’s strategic priorities, the infrastructure sector was the highlight among disbursements, having received R$ 11.45 billion, or 45.5% of total funds. Performance was driven by projects on electric power — accounting for 19.1% of all disbursements — and transportation (which accounted for 24.3% of the volume released). Compared with the same period last year, Bank releases for infrastructure projects in Brazil increased by 4%.

The farming and cattle raising sector also had positive variation compared with the first semester of 2018. With R$ 6.36 billion released (25.3% of the total), it grew 10%. The Industry and Trade & Services sectors decreased by 7% and 56%, respectively. The former received R$ 4.78 billion (19% of the total released by the Bank) and the latter received R$ 2.57 billion (10.2%).

MSMEs – Between January and June, BNDES disbursed R$ 11.5 billion for micro, small and medium-sized enterprises (MSME), which is equivalent to 45.6% of the total released by the Bank. In the period, 96.7% of the more than 114 thousand credit operations were performed with this segment of smaller companies.

In the first six months, micro-sized entreprises received R$ 1.8 billion (7.1% of disbursements); small ones, R$ 3.8 billion (15.2% of disbursements); and medium ones, R$ 5.9 billion (23.3%). Large enterprises, in turn, were the destination of R$ 13.67 billion (54.4% of disbursements).

Regions – From a regional perspective, the highlight in the Bank’s releases was the Northern region, which, boosted by the electric power sector, received R$ 1.6 billion in the period, with growth of 108%. The share of the region in BNDES’ disbursements was 6.5% of the total, higher than its share in GDP, which is 5%.

The South region also presented growth (+ 10%), receiving R$ 7 billion in the period, which corresponds to 27.9% of the total released by BNDES and surpasses the share of the region in GDP (26% of GDP).

The Southeast region, which accounts for 38% of GDP, received R$ 9 billion in disbursements (35.9% of total released), a 19% decrease compared with the first six months of 2018. The Northeast region (17% of GDP) received R$ 4.7 billion (18.8% of the total disbursed), a 17% decrease compared with the first semester of 2018. Finally, the Midwest region (14% of GDP) received R$ 2.6 billion (10.9% of the total released by BNDES), presenting a negative variation of 28%.

Capital markets – In the first semester of 2019, an operation for the Private Equity Fund was subscribed, in the amount of R$ 40 million. The Private Equity Investment Fund ‘Anjo’ is the first one with BNDES in partnership with Angel investors, which at this moment have already funded R$ 36 million, totaling R$ 76 million that will be invested in innovative startups.

In the period, BNDES also subscribed to a debenture operation, in the amount of R$ 91 million, to Cutia Empreendimentos Eólicos, which corresponds to 25% of the total issued. The funds are associated with the construction of 13 wind energy plants.

The BNDES Performance Bulletin is available here.

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