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Caixa Econômica boosts credit offerings 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 aimed at states and municipalities during the first three quarters of this year. Therefore, this amount represents a 55% increase compared to the credit the bank distributed the previous year.
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Additionally, the bank signed agreements totaling R$ 1.7 billion, intended for transfers of funds from the Federal Government Budget (OGU) to states and municipalities. Moreover, it made disbursements 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 restarting 2,100 infrastructure projects that had stalled. Therefore, it is estimated that this action mobilized funds amounting to R$ 9.5 billion.
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 financing infrastructure projects, constituting one of the bank’s largest portfolios in the corporate sector.
Rita Serrano, president 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 senior executives. She underlined the need to reorganize management, boost team morale and follow the right direction.
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Public institution intensifies credit offerings in 2023
While private banks adopt a more cautious approach, Caixa has intensified its credit offerings this year. In the mortgage lending segment, which is vital to the institution, the active portfolio reached an unprecedented R$ 700 billion mark in September.
Caixa is also preparing to play a role in the new Growth Acceleration Program (PAC), with plans to cover at least 30% of the R$ 1.4 trillion in investments planned through 2026, corresponding to approximately R$ 442 billion.
