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The Brazilian Development Bank (BNDES) is the largest development bank in Brazil, financing strategic projects across infrastructure, innovation, industry, and sustainability.
Through long-term loans, credit guarantees, co-financing arrangements, and support for businesses of all sizes, BNDES plays a role that goes far beyond traditional credit. It is the federal government’s main public policy instrument for driving economic, social, and environmental development.
Sua atuação oferece meios indispensáveis para enfrentar desafios econômicos, sociais e ambientais, especialmente em cenários de juros elevados e restrições fiscais. Nessa dinâmica, o BNDES se apresenta como parceiro essencial do setor produtivo, concedendo crédito em condições acessíveis para investimentos estruturantes que, muitas vezes, o mercado financeiro tradicional não prioriza ou não consegue financiar sozinho.
Its operations provide essential means to address economic, social, and environmental challenges — especially in periods of high interest rates and fiscal constraints. In this context, BNDES positions itself as a key partner of the productive sector, offering credit on favorable terms for transformative investments that traditional financial markets often do not prioritize or are unable to finance alone.
More than just a bank, BNDES plays a key role in implementing the government’s economic policy directives, supporting programs such as the New Growth Acceleration Program (Novo PAC), New Industry Brazil (Nova Indústria Brasil – NIB), and the Ecological Transformation Plan (Plano de Transformação Ecológica – PTE). The Bank is also instrumental in reducing regional inequalities, promoting micro, small, and medium-sized enterprises (MSMEs), and structuring long-term investment projects that are essential to Brazil’s sustainable growth.
In this article, I’ll clarify the bank’s role and debunk common myths and misinformation rooted in political and ideological bias.
Let’s dive in.
Strong Performance and Returns to the State
“The year 2024 marked the strengthening of BNDES as a key driver of reindustrialization and a catalyst for innovation, energy transition, green economy, and long-term investment. We played a pivotal role in reigniting Brazil’s economic growth, once again becoming a source of national pride and the country’s main development financing instrument. We reached 1.8% of GDP in approved financing and aim to reach 2% by 2026.”
(Aluizio Mercadante, President of BNDES)

Published in May 2025, BNDES’s 2024 Integrated Annual Report (Portuguese only) presents data that confirm the Bank’s profitability, impact, and commitment to transparency. Below are key financial and operational indicators from the report:
Credit Operations
- R$212.6 billion in credit approvals — a historic record
- R$133.7 billion disbursed — +17% vs. 2023
- R$26.4 billion in net income — +20.5% vs. 2023
Support by Sector
- R$92.4 billion for micro, small, and medium-sized enterprises (MSMEs)
- R$52.4 billion for industry — up 65% compared to 2023
- R$52.3 billion for agribusiness — nearly matching the industry total
- R$93.7 billion for agribusiness in 2023–2024 — more than the entire previous administration
Governance & Transparency
- R$35 billion transferred to the National Treasury in taxes and dividends — 0.3% of GDP
- Nearly R$700 billion already repaid to the Treasury — including interest and early settlements
- BNDES’s loan default rate: 0.001% — compared to 3.22% for the national financial system
BNDES is Brazil’s most transparent public institution
In 2024, BNDES was once again recognized by Brazil’s Federal Court of Accounts (TCU) as the most transparent federal institution in the country, achieving a score of 96.81% in the National Public Transparency Program (PNTP). The Office of the Comptroller General (CGU) also awarded the Bank a perfect score of 100% for proactive transparency. These recognitions further strengthen the Bank’s credibility with the public, investors, and financial stakeholders.
Credit for businesses of all sizes
BNDES follows rigorous, transparent, and technical procedures, including comprehensive risk assessments and economic viability analyses, to support businesses of all sizes across every region of Brazil. The Annual Report reaffirms this commitment: BNDES credit is directed both to large corporations, which received 52% of total disbursements, and to micro, small, and medium-sized enterprises (MSMEs), which accounted for 48%.
Disbursements reflect the strategic allocation of resources to sectors with strong potential to drive GDP growth, job creation, innovation, and sustainability. Key sectors include:
- Agribusiness (including family farming and exporters)
- Infrastructure (transport, energy, sanitation)
- Industry (oil & gas, food processing, metallurgy)
- Innovation (biotech, energy transition)
- Health
- Education
Development amid high interest rates
In an environment of high benchmark interest rates (Selic), access to long-term credit becomes increasingly restricted—especially for investment-intensive projects. Through its development credit lines and subsidized financing instruments, BNDES ensures:
- Maturities aligned with investment lifecycles
- Interest rates below market averages, enabling industrial modernization
- Incentives for job creation, innovation, and real economy growth
Without this type of financing, investments in infrastructure, technology, and productive expansion would stall — placing Brazil’s development at risk.
BNDES and Brazil’s strategic public investment agenda
BNDES has strengthened its leadership role in financing public policies aligned with Brazil’s new development strategy, focused on reindustrialization, sustainability, and inclusion. Three key pillars of the federal government’s agenda stand out:
1. New Growth Acceleration Program (Novo PAC)
BNDES is the leading financier of Novo PAC, which supports projects in infrastructure, urban mobility, sanitation, housing, and energy. In 2024 alone, the Bank allocated over R$50 billion to initiatives such as railways, highways, and housing — generating jobs and promoting sustainable growth.
2. New Industry Brazil (Nova Indústria Brasil – NIB)
BNDES supports Brazil’s new industrial policy, focused on digital transformation, reindustrialization, and strengthening of production chains. The NIB program offers credit lines for innovation, energy transition, and semiconductors, and fosters startups in sectors such as green technology, biotechnology, and digital transformation.
3. Ecological Transformation Plan (Plano de Transformação Ecológica – PTE)
The PTE promotes sustainable reindustrialization through investments in energy efficiency, circular economy, and industrial modernization. It prioritizes electric mobility, green hydrogen, agro-industrialization, and reforestation — positioning BNDES as a key player in decarbonizing Brazil’s economy.
Co-financing and guarantees: how BNDES enables private sector investment
Many people don’t realize that BNDES plays a fundamental role in supporting the private financial market — assisting banks such as Itaú, Bradesco, Santander, BTG Pactual, and credit cooperatives in executing large-scale projects.
It also provides direct financing to companies and governments, making it a key player in Brazil’s development. Here’s how it works:
- De-risking private banks: by providing guarantees, BNDES reduces the risks for private lenders, making it easier to unlock financing.
- Sharing the burden in large-scale projects: through public-private partnerships (PPPs) and concessions, the bank co-finances infrastructure, innovation, and sustainability projects such as highways, clean energy, railways, sanitation, public lighting, and urban mobility. This role provides legal certainty and attracts private investment in states and municipalities.
- Supporting publicly traded companies: firms like Vale, Petrobras, and Suzano use BNDES credit alongside equity and bond offerings to finance their growth.
- Creating new investment products: BNDES has launched Development Credit Notes (LCDs) and revived Agribusiness Credit Bills (LCAs), attracting private investors to strategic sectors like agriculture and clean energy.
For example, Motiva (formerly CCR S.A.) used BNDES guarantees for major highway and urban mobility projects. The State of São Paulo, under Governor Tarcísio de Freitas, relied on the bank to finance the Intercity Train between Campinas and São Paulo, as well as the expansion of Metro Line 2. Companies like Eletrobras (energy), Sabesp (sanitation), and MRS Logística (rail freight) also depend on BNDES for long-term investments.
Despite criticism driven by ideological bias or simple misunderstanding, the truth is this: without BNDES, many projects would never leave the drawing board. Private banks and corporations often lack the resources or capacity to invest alone in large, long-term initiatives. BNDES is, therefore, a partner that provides security and makes Brazil’s growth possible.
In the end, Brazil would fall behind without BNDES
In a country marked by deep-rooted inequalities, infrastructure bottlenecks, and a persistent innovation gap, BNDES is not just important — it is indispensable. Its actions are guided by technical rigor, strategic vision, and a firm commitment to transparency. BNDES is a cornerstone for building a viable, competitive, and more just future. To downplay its importance is to ignore a simple truth: the private sector needs it, governments depend on it, and Brazil cannot move forward without it.




