The BNDES posted a net profit of R$ 9 billion in 2011. Gross earnings (before taxes and administrative costs) were influenced by the good performance of the credit and variable-income portfolios, which contributed 94% to profit. The treasury portfolio also had a positive impact, accounting for 6% of the Bank’s result in the year.

The BNDES has approved financing of R$ 307.4 million for automaker Hyundai Motor Brasil to set up an industrial plant in the city of Piracicaba (state of São Paulo) to manufacture passenger vehicles.

On February 13, the Minister of the Environment, Izabella Teixeira, and the president of the BNDES, Luciano Coutinho, are launching the lines of credit for the Climate Fund Program. The aim is to provide support for projects related to efforts aimed at reducing greenhouse gas emissions and in adapting to climate change.

The Brazilian Development Bank (BNDES) has created a new program to encourage the production of sugarcane by financing the renovation of old sugarcane farms and the expansion of the cultivated area. The BNDES Prorenova has a budget of R$ 4 billion.