BNDES - Brazilian Development Bank

Where am I? Home page  >>  Press Room  >>  Comunicados  >>  2016

BNDES's response to "Mongabay"


The site “Mongabay” published a news report in which the BNDES is the main focus, but did so without contacting or consulting the Bank. The BNDES finds this attitude regrettable, and in contradiction with the most basic principles of good journalism. The BNDES would like to clarify that some affirmations in the report are made with no sound or reliable basis, claiming that the bank is involved in corruption scandals supposedly associated with financing granted to large-scale hydroelectric power plants.

The procedures the BNDES undertakes when granting credit are based on technical and impartial criteria, and analyzing projects involves dozens of people and collegiate bodies. Resources are only released once specific requirements are met, including not only all the requirements established in Brazilian law but also prerequisites the bank establishes in its contracts. Whenever requested, the BNDES has always provided the control agencies of the Brazilian government with all the information related to credit that it grants.

The Bank was a pioneer in making its financing data available on the Internet, and, today, it is the most transparent development bank in the world. It also maintains constant contact with civil society organizations, which are systematically received at the BNDES in scheduled meetings that include technical and executive staff from the institution.

Without hearing the BNDES’ side to the story, the text “Mongabay” published essentially relies on second-hand accounts to construct a biased, one-sided and distorted narrative on the Bank.

Recent News  Recent News
BNDES launches Angel Fund of Co-Investment for innovative Brazilian startups
The Co-Investment Angel Fund will have a 10-year duration (with the first five corresponding to the investment period) and committed equity estimated at R$ 100 million.
BNDES registers a net income of R$ 3.2 billion in nine months
The Brazilian Social and Economic Development Bank (BNDES) registered a net income of R$ 3.202 billion in the 9-month period ended in September.