Brazil funding still too dependent on BNDES, Odebrecht says
SAO PAULO, April 8
SAO PAULO, April 8 (Reuters) - Funding for infrastructure investment in Brazil remains too dependent on state development bank BNDES, which despite contributing to lower project costs, is inhibiting the development of other forms of credit, a senior Brazilian construction and infrastructure executive said on Tuesday.
The role of BNDES, the largest source of long-term corporate credit in the country, has in some ways crowded out the development of capital markets instruments for the financing of infrastructure investment, said Marcelo Bahia Odebrecht, chief executive officer of Odebrecht SA, at an event sponsored by investment bank Bradesco BBI In Sao Paulo.
Odebrecht is Brazil's largest civil construction company, with interests in heavy construction, petrochemical, oil and gas exploration and real estate development. (Reporting by Guillermo Parra-Bernal; Editing by Chris Reese)
- Tesla says in talks with BMW over car batteries, parts
- Hagel, under pressure, resigns as U.S. defense secretary |
- Missouri grand jury makes decision in fatal shooting of black teen |
- Actor Dwight Henry eyed in New Orleans killing after arrest for theft
- Iran nuclear talks extended seven months after failing to meet deadline |
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video