Rio de Janeiro – The financing granted by the Brazilian Development Bank (BNDES) last year, adding the counterpart of companies, resulted in total investment of 167.664 billion reals (US$ 72 billion), resulting in generation or maintenance of 2,856,618 jobs in the country. The bank’s loans correspond, on average, to 60% of the global funds in approved projects.
The figures disclosed on Friday (23) are included in the research coordinated by engineer Roberto Oliveira, a technician in the Planning area of the BNDES. According to Oliveira, the investment of 100 billion reals (US$ 43 billion) in the BNDES, announced on Thursday (22) by the Finance minister, Guido Mantega, should have a multiplying effect over the employment generated in the country or maintained by bank disbursements.
"We believe that with this investment of funds and with the growth of the demand, it is possible that the volume of jobs should exceed the figures for 2008. But now we do not calculate the estimate", he said.
The global disbursement by the BNDES reached around 91 billion reals (US$ 39 billion) in 2008, showing growth since 2003, when they totalled 33.53 billion reals (US$ 14.4 billion). Of the total funds invested by the BNDES and by companies (167.7 billion reals), 104.4 billion reals (US$ 44.8 billion) were invested in projects turned to fixed investment acquired in the country.
The financing approved by the bank for projects that resulted in a greater productive capacity or in the construction of new factories reached 62.2 billion reals (US$ 26.7 billion). The counterpart of businessmen with this purpose was 42.2 billion reals (US$ 18.1 billion). They also generated or maintained 1.7 million jobs.
Over the last six years (from 2003 to 2008), the average volume of BNDES disbursements reached 45.9 billion reals (US$ 19.7 billion). The total investment (BNDES plus companies) totalled, on average, 89.13 billion reals (US$ 38.3 billion) in the period.
Roberto Oliveira informed Agência Brasil that the 2.8 million jobs generated or maintained consider only the part of funds turned to fixed investment, in the phase of construction of enterprises, which totalled 104.4 billion reals (US$ 44.8 billion) last year.
The jobs were generated, mainly, in sectors that sold investment goods, "that is, civil construction and machinery and equipment", pointed out the BNDES technician. "We have excluded from this total the part of loans turned to the restructuring of companies and to the export or import of equipment. This refers just to fixed investment purchased in the country," he said.
The study also shows that for every 1 million reals invested, 27.4 jobs were created or maintained in Brazil last year. "The average had been at between 23 and 24 jobs per 1 million reals invested and rose to 27 in 2008. This is like the rate of productivity of investment, in terms of jobs," he said.
A second study by the BNDES shows that companies financed by the bank generated more jobs than those not supported. And they also present a greater level of productivity. "What we aimed at doing was verifying whether companies financed by the BNDES were employers or firers".
The study compared a group of companies financed by the institution with another group of companies not financed but with similar profiles. And it was identified that those that received financing from the bank employed a greater number of workers. "And that is not all. Productivity also rose. They are more productive companies and greater employers," he said.
Companies supported by the BNDES had some 28% more employees than those that were not financed, three years after the loan was made, and had 36% greater productivity than those that had not received loans in the same period.
*Translated by Mark Ament
