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Project finance: BNDES defends its role with credit

Development bank does not want to grow credit book; Bonds expected to take bigger role in project finance

Brazilian development bank BNDES claims that its role in the economy is not adding to the increasing debt of the country and that the bank is not becoming, or aiming to become, a more dominant supplier of credit.

In a speech to a Project Finance Magazine conference in São Paulo, Nelson Siffert, deputy managing director of infrastructure at BNDES, appeared to be reacting to recent criticism of BNDES’s role in the development of the Brazilian economy when he said that the bank was a consistent provider of about 20% of credit in the market. He said that while this figure rose anti-cyclically as private credit withdrew from the market, BNDES targets a consistent market share of 20% throughout the cycle.

Infrastructure investments
Sector Value (R$bln) Growth
2006-2009 2011-2014
Energy 91 118 30
Railways 20 65 225
Motorways 30 40 33
Ports 5 17 240
Infra 146 240 64
Source: BNDES

Volumes of lending (expected to be R$140 billion [$81.7

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