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.
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Eliane Lustosa, |
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. The bank will migrate to a new rate, called the TLP, equivalent to the five-year NTNB rate.
