Brazil’s state development bank expects demand for corporate loans to increase in 2013 as economic growth accelerates from the slowest in three years.
“We see an important increase in demand in 2013, so disbursements will move to a larger number,” bank President Luciano Coutinho said today at an event in New York.
The bank is also working to promote investment from the private sector so a greater portion of corporate funding will come from non-government sources, he said. BNDES, as the bank is known, will lend about 150 billion reais ($72.6 billion) this year, Coutinho said, up from 139.7 billion reais in 2011.
“We see a lot of potential for the Brazilian corporate bond market with longer durations, and we would be open to supporting this market, but we wish to leverage the market, not occupy it,” he said.
BNDES expects gross domestic product to rise 4 percent in 2013. The economy will grow 1.5 percent this year, according to the median estimate of economists surveyed by Bloomberg.
To contact the reporter on this story: Julia Leite in New York at email@example.com
To contact the editor responsible for this story: David Papadopoulos at firstname.lastname@example.org