LatinFinance - September/October 2015 - 74

BRAZIL
INFRASTRUCTURE

As Brazil looks to scale back funding from its development bank while executing
a large-scale infrastructure program, the government is trying to incentivize the
debt capital markets to fill the void. By Thierry Ogier

Bridging
the gap

F

74 L ATINFINA NCE.COM - September/October 2015

CROSSING OVER: BNDES is trying
to lure capital market financing into
infrastructure projects

Source: Reuters

or many years, critics have accused Brazil's development
bank, BNDES, of crowding out private sector lenders, offering cheap
loans in unbeatable volumes.
While the jibes have sometimes proved controversial, gradually the
bank appears to be paying attention. Most recently, it has stepped up
plans to boost capital markets participation - and scale back its own
role - in infrastructure financing.
"The objective is to tap private savings, long-term private funds to
finance projects," says Julio Ramundo, BNDES' managing director
and head of the capital markets
division. "In a way, it is a landmark."
BNDES has taken on gargantuan proportions inside Brazil.
Its credit portfolio of 877.2
billion reais ($330.2 billion) was
more than double the size of
the World Bank's in 2014. With a
capital base fueled by generous
infusions from the Treasury, it
remains the primary provider
of long-term financing for the
country's largest companies and
projects, providing one-third of
all new lending in Brazil during
the past several years.
The growth of BNDES was
originally justified as stimulus
following the 2008 global financial crisis. BNDES disbursed 190



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Table of Contents for the Digital Edition of LatinFinance - September/October 2015

Contents
LatinFinance - September/October 2015 - Cover1
LatinFinance - September/October 2015 - Cover2
LatinFinance - September/October 2015 - Contents
LatinFinance - September/October 2015 - 2
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LatinFinance - September/October 2015 - 4
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LatinFinance - September/October 2015 - 32A
LatinFinance - September/October 2015 - 32B
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LatinFinance - September/October 2015 - G1
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LatinFinance - September/October 2015 - G8
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