Out of the R$1.08 trillion cleared by the bank of development in the last nine years, the area has been granted just R$34.9 billion
José Carlos Videira
The total investments made by the National Bank of Economic and Social Development (BNDES) summed up R$1.08 trillion from 2004 to 2013. During that same period, the amount invested by the bank in the infrastructure and logistic area totaled R$34.9 billion. That is equivalent to 3.2% of the whole amount cleared by the BNDES to all areas since 2004.
However, that share has been increasing in the last four years. Last year it reached 5% of the R$190.4 billion of the bank’s total investments. In 2013, infrastructure and logistics received R$9.5 from the BNDES.
Investments in railways, roads, ports and airports last year totaled R$8.8 billion. Out of that total, only the airports represented almost 43%, i.e., R$3.76 billion. That concentration can be explained by the significant volume of investments in terminals resulting from the concessions of important airports and the World Cup held in Brazil.
To illustrate the significant demand of funds absorbed by the airports last year, in 2012 the BNDES’ funds directed to that area summed up R$500 million. The funds represented only 7.4% of the R$6.74 billion funds invested by the bank in the four logistic areas that year. In the previous years the area of airports was not even in the list of the BNDES’ investments.
Last Year, roads ranked second in the total funds spent in investments made by the BNDES in the infrastructure and logistic area. That area received R$2.31 billion, some 26% of the total funds. From 2009 to last year, roads received an accumulated amount of funds of R$8.95 billion, some 34% of a total of R$26.6 billion of the accumulated investments of the BNDES in the last five years, which ended in 2013. In that same period (2009-2013), railways received R$8.14 billion and ports, R$5.27 billion.
Projections
The BNDES forecasts to spend, from 2014 to 2016, a total of R$46.16 billion in railways, roads, ports and airports. Out of that sum, the biggest part will be given to roads, R$17.9 billion, equivalent to almost 40% of the total volume cleared.
To railways R$10.5 billion are to be passed, some 23% of the total sum. In the sequence, port will receive, according to the BNDES’s forecast, R$9.9 billion funds, and airports, R$7.84 billion. Those amounts will stand for, respectively, 22% and 17% of the total funds to be cleared by the BNDES.
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Finance
The BNDES holds in its portfolio 40 projects in the logistic area, which sum up R$118.6 billion. The bank participates with 51.5% of this total, equivalent to R$61.1 billion. According to the manager of the BNDES Transportation and Logistics Department, Edson Dalto, the amounts of participation of the bank are not necessarily funds spent, but a forecast of clearance along the project.
The manager explains that BNDES’ finance can be direct, indirect, when funds are passed on by other financial agents, or mixed, when the BNDES is a co-financer together with another financial agency.
“As to guaranties, usually infrastructure and logistic projects go through a Project Finance”, says he. In those cases, Dalto reminds us that finance is guaranteed with the concession’s credit rights in the format of “receivable and other contractual rights”. So, he explains that the very funds generated by the project guarantee the finance. The BNDES manager stresses that those guaranties can be accompanied with other complementary ones until the phase of completion of the undertaking and its operation starts. “When the biggest risks of the operation, both physical and financial, are mitigated”, he stresses.
Fonte: Revista O Empreiteiro
