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Brazil to inject less capital into BNDES next year, Mantega says
October 14, 2013 / 10:54 PM / in 4 years

Brazil to inject less capital into BNDES next year, Mantega says

SAO PAULO, Oct 14 (Reuters) - Brazil’s National Treasury will inject less money into state development lender BNDES next year, in a plan that will allow the country’s top source of long-term corporate loans to focus more on infrastructure financing, Finance Minister Guido Mantega said on Monday.

The Treasury has a target of phasing out annual capital injections into the BNDES “within a few years,” Mantega said at a news conference in São Paulo. In addition, both the Treasury and the BNDES will slow lending to states, which might have to tap private-sector and state-run commercial lenders other than the BNDES for new financing, he added.

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