05.11.2024, Brasília.
The economic landscape of Brazil is undergoing a transformation. For the first time since 2016, the volume of industrial loans financed by the National Bank for Economic and Social Development (BNDES) surpassed agricultural loans. This shift reflects a change in Brazil’s economic growth strategies, The Rio Times wrote on November 5.
By September, BNDES, one of the largest banks of its kind globally, approved 154 billion reals ($27 billion) for Brazil’s New Industrial Initiative, which represents 27% of the bank’s total loans for the year.
Agricultural loans accounted for 26%. Additionally, a record 9 billion reals ($1.58 billion) were allocated for innovative projects, emphasizing Brazil’s commitment to technological progress.
Brazil’s new industrial program aims to develop a digital, eco-friendly, and export-oriented industrial sector in line with global trends in sustainable development and innovation. This focus reflects Brazil’s aspiration to become a leader in advanced industrial technologies.
Despite this shift, the agricultural sector continues to attract significant investment. Bank Itaú BBA announced plans to expand its agricultural credit portfolio by 20 billion reals ($3.51 billion) by 2025. Over the past five years, this private bank’s agricultural credit portfolio has grown from 30 billion to 110 billion reals.
The change in BNDES’s lending structure and Itaú BBA’s expansion plans for agricultural production highlight a complex economic strategy. Brazil is diversifying its economic activities to enhance global competitiveness and economic resilience.
At the same time, Brazil must address environmental challenges and adapt to technological advancements. According to the newspaper, these efforts will shape the country’s economic future and its role in the global market.
Source: Rossa Primavera News Agency
