off-the-wire

UPDATE 1-Brazil development bank aims to pay out sums totaling 2% of GDP by 2026

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds details) RIO DE JANEIRO, March 14 (Reuters) - An executive at Brazilian state development bank BNDES said on Tuesday the bank aims to pay out the equivalent of 2% of the country's Gross Domestic Product (GDP) by 2026.


BNDES did not specify the exact figure. According to Brazil's government statistics agency, the country's 2022 GDP amounted to 9.9 trillion reais ($1.88 trillion).


Speaking at a news conference, BNDES planning executive Nelson Barbosa also said there is more credit supply to the bank coming from abroad and that this could unlock more credit for South America's largest nation. Barbosa added that this credit could be used to financing sustainable projects.


The comments follow the bank's 2022 earnings, in which it said it reported 46% jump year-on-year in its annual recurring net profit, reaching 12.5 billion reais. The bank posted a net profit of 41.7 billion reais, boosted by factors such as dividend income from state-run oil company Petrobras' , among others. ($1 = 5.2534 reais) (Reporting by Rodrigo Viga; Writing by Carolina Pulice; Editing by Sarah Morland)

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