SAO PAULO, Aug 15 (Reuters) - Loan disbursements at Brazil’s state development bank BNDES fell 17 percent in the first seven months, as a harsh recession hampered capital spending plans across factories, farms and services companies in Latin America’s largest economy, it said on Tuesday.
In the year through July 31, BNDES lent 40.2 billion reais ($13 billion) worth of credit, the bank said in a statement. In July alone, disbursements dropped 21 percent to 6.7 billion reais.
BNDES is Brazil’s main source of long-term corporate lending.
$1 = 3.1767 reais Reporting by Guillermo Parra-Bernal; Editing by Richard Chang