BNDES - Brazilian Development Bank

Project analysis and selection process

Commitment to transparency and impartiality in the BNDES’ decision-making processes is reflected in the way the institution conducts project analysis and the selection for financial support. 

Requests for financing that arrive at the Bank undergo a series of procedures in which the final decision is made by a number of people, based on objective criteria and only after several levels of predefined analysis.

The structured series of procedures for financial operations, ranging from request for financing to the contract, is in keeping with the priority given by the BNDES to efficiently managing its resources. The process shows, above all, the Bank’s responsible approach to its investors, partners, institutions that are some of its sources for funding, the federal government and to Brazilian society.  

Procedural Flow of Operations

Previous Consultation is the entrepreneur’s first step to obtaining financing at the BNDES. This is a document, filled in according to preliminary guidelines, which supplies basic specifications on the company and the undertaking in need of financial support, to verify the eligibility of the operation. Previous Consultation must be sent to the BNDES by the interested company, in direct operations, or through an accredited financial institution, in indirect operations.

The Department of Priorities (DEPRI), of the Planning Division, receives the request for support and verifies its compatibility with the priorities established in the BNDES’ Operating Policies.


In this phase, a pre-assessment of the company’s capacity is carried out for the execution of the project and the quantity of the applicant’s own resources is taken into consideration. This includes the competence of its management, its insertion in the market, compliance with environmental standards, the credit risk classification of the company or the economic group, among other aspects. At this stage, the Planning, Credit and Operational Divisions take an active role. 

The Operational Divisions analyze and structure the BNDES’ financial support operations and are in charge of monitoring the financed projects. Therefore, they are divided into strategic sectors, such as the Foreign Trade Division (AEX), the Infrastructure Division (AIE) and the Industrial Division (AI).

The Credit Division defines the risk classification of the company or economic group, based on the analysis of the accounting statements and other financial information sent by the company. With this classification, DEPRI consults the Operational Divisions and puts together the Classification Instruction, recommending support or not, which will be presented to the Classification and Credit Committee.

It is the Committee’s responsibility to decide whether to ratify DEPRI’s recommendation, as well as the risk classifications defined by the Credit Division. Subsequently, the Committee submits the proposed credit limits to the Board of Directors for approval.

Letters with the resulting decision are sent to the client and/or to the financial institution that sent the consultation, in the case of indirect operations. In the event financing is approved, the Classification Letter indicates which department of the BNDES’ operational divisions will be responsible for analyzing and structuring the operation. The client should contact that department.

Project Presentation

In operations directly between the client and the BNDES, the operational department guides the company with regards to sending information and additional documentation that is needed. The company should also elaborate the project according to a specific script for presentation.

Project Analysis

The project presented is analyzed by the competent operational division, which puts together and sends the Project Analysis Report for appraisal to the Managing Director of the Operational Division, who, in turn, submits it to the BNDES’ Board of Directors for assessment, carried out in weekly meetings.

When an operation is sent by an accredited financial institution, the Operational Division, once again, analyzes the operation and then submits it for approval to the group of managing directors, as is done with direct operations.

Once the Bank’s Board of Directors has approved the operation, a letter is sent to the company or the accredited financial institution advising the requirements for contracting the operation. After receiving all the required documentation and verifying compliance with all conditions, the BNDES then starts putting together the operation’s contract.


Once all conditions are met, the first disbursement of resources will be carried out as stated in the contract. Disbursement for the next stage will not be made if the previous stage was not concluded and proven. Upon completion of the physical implementation, the Project Conclusion Report is written up, and then a follow-up on repayments of financing is carried out. During the entire term of the financing contract, follow-up on the economic-financial status of the company and the economic group is performed.

Project Evaluation Flow