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BNDES's lending limit for a single borrower corresponds to 25% of the bank's reference equity. Before Thursday's (Mar 31) decision, the limit applied to Eletrobras as a whole. Now, this limit will apply separately to each company in the group.
The limit corresponds to around 20bn reais (US$12.3bn), as BNDES's reference equity stood at 83.1bn reais at the end of 2010.
The CMN took into consideration the investment needs in infrastructure and projects related to the PAC growth acceleration program, central bank director Sidnei Correa Marques said. He declined to say, however, whether Eletrobras was close to exceeding BNDES's lending limit.
By Renata Veríssimo/Eduardo Rodrigues/Angelo Ikeda