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CEO: BNDES to disburse 100B reais in credit in 2018, to tap markets for funding

Brazil's state-run Banco Nacional de Desenvolvimento Econômico e Social will be able to raise funds in external markets as it looks to disburse 100 billion Brazilian reais in credit, CEO Paulo Rabello de Castro reportedly said at an event.

According to a Reuters report, the executive said that the company hopes to return to lending around 100 billion reais per year in 2018. However, he said BNDES will not have to depend upon resources from Brazil's national treasury to finance its lending goals, but rather plans to raise funds in both national and international markets.

For 2017, the bank estimates that it intends to disburse a total of 70 billion reais through about 400,000 operations.

As of Aug. 1, US$1 was equivalent to 3.12 Brazilian reais.