April 8, 2014 / 4:20 PM / in 4 years

Brazil funding still too dependent on BNDES, Odebrecht says

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)

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