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Caixa Econômica boosts credit supply in 2023, reaching R$14 million. Find out more now!
Caixa Econômica Federal (CEF) announced that it granted R$14 billion in credit for infrastructure initiatives targeting states and municipalities in the first three quarters of this year. Therefore, this amount represents a growth of R$551 billion compared to the credit the bank distributed in the previous year.
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Additionally, the bank signed agreements totaling R$1.7 billion to transfer funds from the General Budget of the Union (OGU) to states and municipalities. Furthermore, it released funds to fund projects totaling 16,000 activities. Thus, the funds benefited more than 3,000 Brazilian municipalities.
Caixa allocates funds for state and municipal plans
Caixa Econômica also played an active role in reactivating 2,100 infrastructure projects that had stalled. Therefore, it is estimated that this action mobilized funds in the order of R$1.4T 9.5 billion.
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The bank plays the role of the main intermediary in the transfer of federal funds to states and municipalities. Therefore, it plays an essential role in the financing of infrastructure projects, constituting one of the bank's largest portfolios in the corporate sector.
Rita Serrano, CEO of Caixa, emphasized the measures taken to rebuild the institution, which went through an image crisis at the beginning of the year due to allegations of harassment involving its top executives. She stressed the need to reorganize management, strengthen team morale and move in the right direction.
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Public institution intensifies credit supply in 2023
While private banks are taking a more cautious approach, Caixa has been stepping up its credit offerings this year. In the real estate credit segment, which is vital for the institution, the active portfolio reached an unprecedented R$700 billion in September.
Caixa is also organizing itself to assume a role in the new Growth Acceleration Program (PAC), with the forecast of covering at least 30% of the R$1.4 trillion in contributions planned until 2026, which corresponds to approximately R$442 billion.
