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Brazilian national development bank BNDES saw its loan disbursements shrink by 2% to 24.9bn reais (US$15.3bn) in the first quarter over the same period last year, in its first Q1 drop since 2006, a press release from the bank reads.
Despite the decrease in disbursements, BNDES managed to boost its presence in the micro, small and medium-sized enterprise segment, increasing its loan disbursements for the sector by 13% to 11.2bn reais in January-March over 1Q10.
For the 12 months through March, disbursements reached 143.1bn reais, flat from the year-ago period. The total excludes the 120bn-real capitalization of state-run oil giant Petrobras (NYSE: PBR) in September last year, which saw the government increase its stake in the company.