São Paulo – The Brazilian Development Bank (BNDES) lent a combined BRL 11.153 billion (USD 5.544 billion) in Q1, down 26% from Q1 2017, it reported this Tuesday (24).
The bank noted, however, that approvals of yet-to-be-cleared loans climbed 11% to BRL 16 billion (USD 7.953 billion).
BNDES is the leading supplier of long-term credit for major ventures in Brazil. In Q1, 36% of the bank’s loans went to infrastructure, 24.4% to agriculture, 23.5% to trade and services, and 15.9% went to industry.
Export-related loans came out to just USD 95 million, down 60% year-on-year in Q1. The entirety of those loans went to industry, especially transportation material.
Translated by Gabriel Pomerancblum
PUBLICIDADE
