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Report: BNDES disbursements to hit 8-year low

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Report: BNDES disbursements to hit 8-year low

Annual loan disbursements from Banco Nacional de Desenvolvimento Econômico e Social for 2016 likely will hit their lowest level in eight years, Reuters reported, citing an anonymous source at the state-run lender.

The development bank's loans are expected to hit between 80 billion and 90 billion Brazilian reais, the lowest level since 2008, when disbursements totaled 90.8 billion reais. "Disbursements will not reach even 100 billion reais, for sure," the source was quoted as saying.

In the aggregate period between January and November, BNDES loans fell 35% year over year to 76.4 billion reais.

The state-run lender recently announced a series of measures with the aim to bolster financing to micro-, small and medium-sized enterprises by 20% in 2017.

As of Dec. 20, US$1 was equivalent to 3.37 Brazilian reais.