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Banking

BNDES seeking private-sector help to take a step back

Brazilian Development Bank wants to finance more projects with a lower level of disbursements; local capital markets seen as better bet than banks to help BNDES step back.

Eliane Lustosa, BNDES director of capital markets, is working with Brazil’s banking and pension fund associations – Anbima and Abrapp respectively – to try to encourage private-sector financing of Brazilian infrastructure.

In a wide-ranging interview with Euromoney magazine, to be published in the February issue, Lustosa says the development bank – which is responsible for 15% of total lending to the private sector and has a balance sheet that is similar in size to the World Bank – is trying to lower its financial disbursements while supporting a larger number of projects and companies.

Squaring the circle of doing more with less means bringing in private-sector financing – with both the banking and institutional investor segments having complained about being crowded out in recent years.

ELIANE-LUSTOSA-160x186

Eliane Lustosa,
BNDES

Lustosa is now targeting the creation of new debenture instruments that would enable pension funds, and other institutional investors, to finance long-term projects.

Banks, too, will be encouraged by the government changing the interest rate charged by BNDES to the private sector.

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