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BNDES seeks more external funding amid expected rise in loan disbursements

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BNDES seeks more external funding amid expected rise in loan disbursements

Banco Nacional de Desenvolvimento Econômico e Social plans to reduce its reliance on Brazil's Treasury by finding more external sources of financing, CEO Paulo Rabello said, as the state-run development bank works on debt repayments to the federal government.

During a business event, the executive said BNDES will be able to manage early loan repayments to the Treasury, but will require more time to search for fresh funding sources, Reuters reported.

The federal government has asked the bank to repay a total of 180 billion Brazilian reais to the Treasury, including 50 billion reais in 2017 and the remaining 130 billion reais in 2018. The bank recently repaid 33 billion reais of the total amount.

Meanwhile, BNDES Finance Director Carlos Thadeu de Freitas said the bank expects to grant between 110 billion reais and 120 billion reais in loans during 2018, up 50% from an expected 80 billion reais this year, the newswire reported separately.

However, given that it only disbursed about 45 billion reais in loans during the first eight months of 2017, the bank will have to accelerate its pace of lending in the final quarter to meet the 80 billion reais target. Selmo Aronovich, another finance executive at the bank, said he expects the lender to grant at least 10 billion reais in loans per month during the fourth quarter.

Freitas added that BNDES is looking to raise between $2 billion and $3 billion of funds in the foreign market in 2018 in order to meet both lending targets and the government loan repayments.

As of Oct. 4, US$1 was equivalent to 3.13 Brazilian reais.