January 29, 2020 / 7:04 PM / 23 days ago

Brazil's BNDES plans to increase activity in new industries after divestitures

FILE PHOTO: The logo of Brazil's development bank BNDES is pictured outside of the building in Rio de Janeiro, Brazil September 6, 2017. REUTERS/Pilar Olivares

SAO PAULO (Reuters) - Brazilian development bank BNDES plans to expand its activity in new industries as it accelerates divestitures of its 110 billion reais ($26 billion) stock portfolio, its chief executive said on Wednesday.

CEO Gustavo Montezano said the bank plans to increase its activities in sanitation and natural gas, including advisory for privatization of sanitation companies and financing for building new gas pipelines from offshore oil fields to the coast. The bank is also working on economic models to allow sustainable management of forests.

Reporting by Tatiana Bautzer; Editing by Nick Zieminski

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