October 4, 2017 / 1:58 PM / in 10 months

Brazil's BNDES to lower dependence on gov't, find more external funds

SAO PAULO, Oct 4 (Reuters) - Brazilian national development bank BNDES is seeking to expand external sources of funds to lower its dependence on the Brazilian Treasury, its president Paulo Rabello said on Wednesday.

Rabello, speaking at a business event, said the development bank can cope with the repayment of loans to Brazil’s cash-strapped government ahead of schedule, but needs time to find new sources to replenish its funds. BNDES, by far Latin America’s largest development bank, has committed itself to repay 50 billion reais ($16 billion) by the end of this year on loans made for successive capital injections. ($1 = 3.1335 reais) (Reporting by Gabriela Mello; Writing by Anthony Boadle; Editing by Jeffrey Benkoe)

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