Brazil's BNDES needs to scale back lending -Odebrecht CEO

SAO PAULO Mon Feb 3, 2014 9:57am EST

SAO PAULO Feb 3 (Reuters) - Brazil's state development bank BNDES needs to scale back subsidized lending and focus more on mitigating project risk as a way to leverage more investments in much-needed roads, ports and airports, the head of construction giant Grupo Odebrecht SA said on Monday.

Projects need a constant flow of bank loans and despite the emergence of a market for local infrastructure notes, they will never replace the need for credit, Marcelo Odebrecht, chief executive officer of the Salvador, Brazil-based company, said at an event sponsored by Credit Suisse Group in São Paulo.

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