A recente mudança na atuação do BNDES

A recente mudança anunciada na atuação do BNDES na promoção de campeões nacionais é para mim mais uma necessidade do que um possivel reconhecimento do banco que a política não funcionou. O BNDES terá que emprestar muito recurso, que não tem, para infraestrutura e, assim, é normal que seu foco de atuação seja mais direcionado para infraestrutura. Mas na minha visão, se preciso, o BNDES continuará apoiando o crecimento de grandes empresas brasileiras e operações de F&A.

O relatório da Eurasia Group sobre esse assunto, assinado pelo Christopher Garman, vai nessa direção. Seguem dois trechos desse relatório:

The point to highlight is that the BNDES cannot meet the lending needs necessary for the infrastructure build out and continue its policy of national champions without having a material increase in loan disbursements. Faced with such a tradeoff, the BNDES is engaging in a slow process of reducing its loan disbursements to industry and prioritizing disbursements to infrastructure. The BNDES, for example, allocated 46% of its loan disbursements to industry in 2009 but just 31% in 2012. 

Such an appraisal leads to two conclusions. First, Coutinho’s statements should be seen as an earnest shift in policy. In five years, the BNDES will likely be seen much more as a bank funding traditional infrastructure projects than domestic national champions. Second, since the decision was driven by the need to fund a large infrastructure build out rather than a shift in thinking about industrial policy, the government will still be receptive to aiding national champions in distress.

Fonte: BRAZIL: Shift away from funding national champions driven more by necessity than choice – 26 April 2013 09:56 AM EDT Eurasia Group.

 

Um pensamento sobre “A recente mudança na atuação do BNDES

  1. I want my badly invested money back!
    Now, say they at bnde do in fact change course. But suppose they increase financing to a pool of big firms, will it be any better? My major point is: if these guys continue to pour poor people’s resources into the pockets of rich entrepreneurs, they will remain striving to increase inequality and laden the country with overaccumulation of capital.
    Close the bnde!

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