In an interview with Globonews, Nelson Barbosa commented on the past government, stating that Bolsonaro would have rejected the offer of resources from the BRICS and the IDB
Director of Planning National Bank for Economic and Social Development (BNDES)Nelson Barbosa said in an interview with Globonews that the main effort of the development bank is to recover international financing. According to him, several institutions, such as the bricor Inter-American Development Bank (IDB) and the Development Bank of Chinait has even lent resources to the BNDES in government management Bolsonaro, but they were not accepted. In total, Barbosa said, the deals total $5 billion with rates close to Selico (base interest rate in Brazil), but at a slightly lower percentage. The resources, if raised by these institutions, can finance exports and companies that have dollar revenues.
Barbosa said he expects Selic’s rate to be cut by Central bank, which could help finance long-term economic growth. From January to May, the BNDES increased its lending in real terms by around 9%. Financing consultations increased by 200%. “Many companies are looking for the bank and are waiting for the definition of the economic framework and, above all, of interest”, she said. The economist said that if interest rates fall, it is possible to raise the investment rate on Gross Domestic Product (GDP) from the current level of 18% to 20%.
The BNDES director said the development bank’s strategy is to finance businesses in partnership with the private sector. “It is to help the market grow in private paper issuance, there is BNDESPar,” he said. He recalled that support for the private sector can take the form of loans, participation in the company’s capital or the contribution of resources to a private equity fund, in which the BNDES participates as a shareholder.
In the green economy area, Barbosa said the bank will support wind and solar energy projects. The bank is also considering supporting green hydrogen initiatives. “He has great potential in Brazil and could be a way for Petrobras to reinvent itself,” he said.
He added that the BNDES should take up the BNDES card “on a more sustainable basis”. The card conditions will be redesigned to reduce the default that occurred previously.
Source: Terra
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