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State and Market Need Join Forces, says Brazil's BNDES Chief |
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Written by Cristina Indio do Brasil
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Wednesday, 15 June 2005 |
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The president of the BNDES (Banco Nacional de Desenvolvimento Econômico e Social - National Bank for Economic and Social Development), Guido Mantega, says that Latin American development depends on greater coordination of governments and markets.
He went on to say that development banks were important instruments in that process. Speaking at the 35th General Assembly of the Latin American Association of Financial Institutions for Development (Alide), Mantega said:
"Development banks were created in the belief that certain sectors and strategic activities require government support. When they thrive there are jobs, income and government revenue, not to mention a reduction in the inequalities that plague our countries."
Mantega also cited the importance of development banks in providing financing for economic growth and said that governments should be more active in promoting development.
Mantega, who was elected the new president of Alide, concluded by pointing out that the 35th General Assembly was taking place following a period of difficulties and low growth which is now looking like a new cycle of development.
ABr
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