In August 2018, I wrote a text in this same newspaper, which I entitled “What is made of the 'new' Banco de Fomento?”. More than two years later, and more than five years after Banco de Portugal granted it a license, Banco Português de Fomento, which results from the merger of IDF, SPGM and PME Investimentos into a share capital that is exactly equal to the sum of their societies, it looks like it's finally going to get off the ground.
It should be clarified that the new capital allocated by the State is zero, only for financial reengineering with the assets and liabilities of what already existed.
This new public society has taken the path of stones and must now affirm, with dynamism and future, to become crucial for the financial recovery in the post-pandemic, to obtain the necessary assumption of the cyclical risks, so that it becomes possible to bet on innovation, and overcoming potential market failures in supporting our economy.
Once here, Banco de Fomento should thus be able to expand the scope of its operations, far beyond its role as manager of the public guarantee system or the promotion of European structural funds. It must also be able to focus on direct credit to investment projects, supporting the capitalization of companies and restructuring the financial liabilities of those that prove to be viable.
It is unthinkable that public support for private investments should not also be thought of according to a sectoral logic, in which they can support and encourage companies led by projects that have a future and are well managed, but that are unable to obtain financing in commercial banking.
It is even expected that the Government will bet on a XNUMXst Century Development Bank, that is, a true partner of companies. A partner that helps them achieve and improve their productivity levels, through more technological qualification, innovation in production processes and quality employment. And let us not forget a structural problem in our economy, which is the process of succession in family businesses, which deserved a special line.
There are many challenges on the horizon. We urgently need a bank to rebuild and recover Portugal, a bank that can leverage, significantly beyond what is available, through sovereign guarantees. But for that to happen, more means are needed, far superior to those with which it was created.
It would need a considerable injection of capital from the State, increasing its share capital from 255 million euros to numbers close to 1.000 million euros, because otherwise, its mission will be very painful, it will not be useful and who will lose is the national economy.
And it will not be in the short term, since the State Budget for 2021 was finally approved, the Government, through the Socialist Party's voice in the discussion during the week, did not enable the PSD proposal, which aimed at increasing the Bank's share capital Fomento, which takes a new setback in the institution's true mission.
Our entrepreneurs need efficiency and speed and not empty promises for the future, that these are the abundant people, but when the Government does not want to capitalize the Society, the maximization of the support to be leveraged, and this saw the usefulness of this 'New Bank'.