Bloomberg News

BNDES 2011 Lending to Match Last Year’s, Coutinho Says

October 19, 2011

(Updates with Coutinho’s comment in third paragraph.)

Oct. 19 (Bloomberg) -- Loans by Brazil’s state-controlled development bank, or BNDES, this year will probably be around the same of 2010, excluding a financing to Petroleo Brasileiro SA, President Luciano Coutinho said.

Rio de Janeiro-based BNDES will lend 140 billion reais to 145 billion reais ($81.7 billion) in 2011, Coutinho said at congressional hearing today in Brasilia.

“BNDES expenditures are stabilized,” Coutinho said. They will be “more or less the same as in 2010,” he said.

BNDES loans totaled 168.4 billion reais last year, a 23 percent increase from 2009. Of that amount, 24.7 billion reais were tied to BNDES’ participation in Petrobras’ $70 billion share sale, the world’s largest.

Coutinho said in January, while attending the World Economic Forum in Davos, Switzerland, that the bank would lend around 144 billion reais this year.

--Editor: Helder Marinho

To contact the reporter on this story: Mario Sergio Lima in Brasilia at mlima11@bloomberg.net Fabiola Moura in New York at fdemoura@bloomberg.net

To contact the editor responsible for this story: Helder Marinho at hmarinho@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus