The year 2016 was one of many challenges. Faced with a troubled political scenario and a recessive economic environment, we had the enormous responsibility of upholding our institutional mission of promoting the sustainable and competitive development of the Brazilian economy.

The entire Bank staff worked hard over various months to find alternatives to the most urgent issues, while continuing at the same time to address long-term issues. We discussed and established new principles and guidelines and reviewed our operational policies – our guide to action. We eliminated overlapping programs, products and lines by streamlining and enhancing the transparency of our financial support criteria.

We defined priority qualifiers such as education, health, innovation, environment, exports and MSMEs. These qualifiers determine the best financing conditions for projects, regardless of their sector of origin. Thus, we aim to focus on those that largely create social rather than private return and that make a difference in the lives of the Brazilian population.

It has been a transition year and in 2017 we will be able to evaluate the evolution and results of all changes introduced. We will carry out a strategic planning cycle, seeking a long-term vision, until 2030. We therefore hope to contribute to the sustainability of BNDES, pursuing the balance between economic, social and environmental outcomes. We are committed to strengthening the Bank so that it continues being an important agent of Brazil’s development.

I invite you to read our report, which follows the model of the integrated report. Download the full version or browse for highlights of our performance in 2016. Enjoy your reading!

Maria Silvia Bastos Marques

President of BNDES


Who are we?

We are a State-owned company linked to the Ministry of Planning, Development and Management, being the main instrument of the Federal Government for long-term financing and investment in the various segments of the Brazilian economy. Headquartered in Brasília (DF) and focusing our activities in Rio de Janeiro, we operate throughout the entire country, with offices in São Paulo, Recife and Belém. We have been operating since 1952 and are now one of the major development banks in the world. Sustainability is a transversal strategy and the balance between economic, social and environmental outcomes is our goal.

Mission, Vision and values


To foster sustainable and competitive development in the Brazilian economy, generating employment while reducing social and regional inequalities.


To perform its duties as the development bank of Brazil, an institution of excellence that is innovative and proactive in light of the challenges in our society.


Commitment to development


Public principles



Our strategy

In 2016, due to the change in management and the need for organizational alignment, we reevaluated the principles and guidelines that govern our activities. We then reviewed our operational policies which specify the criteria for financing approval. Through the definition of qualifiers such as innovation, education and health, we moved from industry-focused analysis to project-based analysis. The new rules take into account the need to resume economic growth and the scenario of fiscal restraint, and streamline our instruments of financial support.


Breakdown of executive and
appointed staff PER gender

Male 76%

Female 24%

Breakdown of all staff PER gender



Breakdown of all staff PER race

Breakdown of all staff PER career/education

Undergraduate 81%

Secondary 17%

Primary 2%

Breakdown of all staff PER undergraduate level


Our relationships

Socio-environmental RESPONSIBILITY






The year 2016 was marked by many challenges, largely due to the enduring economic crisis coupled with political and fiscal crises; changes in economic policy; reduced investment levels; and increased credit risk. The decline in economic activity and increased risk aversion by financial agents led to a fall in the performance of our main programs and automatic credit lines.


To mitigate these challenges, our goal is to increase access to credit, especially for smaller businesses. We are looking for new models that will bring us closer to our end clients. To this end we have structured a digital action plan using alternative distribution channels that can expand our capillarity. In addition we have worked to simplify and streamline our processes by studying ways to reduce lead times for direct operations. Finally, we have strived to improve our monitoring and evaluation processes to measure the effectiveness of our performance.


In the first half of 2017 a seminar was held in partnership with the World Bank, with the presence of several development banks, to discuss the role of institutions such as ours in stable economies. This event will be the starting point of a participatory process for the elaboration of a 2018-2023 Business Plan and a broad strategic reflection of the 2030 horizon.







Making a difference




© BNDES. All rights reserved


I invite you to read our report, which follows the model of the integrated report. Download the full version or browse for highlights of our performance in 2016. Enjoy your reading!



  • Principles






    Sense of urgency

    Client vision


  • Guidelines


    Selective financial support criteria

    Leverage in use of resources

    Expansion of access to credit





    Strengthening of the capital market and corporate governance


    Social and environmental development

    Role in formulating and influencing public policy


  • Our Capital







    Social and relationship-based


  • Our Inputs


    Financial resources



    Institutional relations



  • Our activities


    Financial support

    Structuring projects

    Formulating public policies

    Poducing knowledge


  • Main immediate results


    Encouraging better social and environmental governance and responsibility practices by supported companies;

    Support to infrastructure projects with emphasis on sanitation and transportation;

    Structuring of privatization and public administration modernization projects;

    Support to exports of Brazilian products and services with higher added value;

    Greater access to credit for smaller companies;

    Encouraging the expansion of environmental protection and supply and use of alternative energy;

    Structuring of investment funds and leverage of resources of other investors;

    Investments in R&D and infrastructure for innovation;

    Support to projects that improve infrastructure and management in education, health and culture;

    Support to industrial plants with unique characteristics and knowledge-intensive segments that spread technology;

    Support to the formulation, improvement and better alignment of public policies.




  • Effectiveness


    Sustainable development of the Brazilian economy, taking into consideration its various regions;

    More and better jobs;

    Gain in productivity, competitiveness, operational efficiency and human capital development in supported companies;

    Growth and resilience of smaller companies;

    Improving quality in the provision of basic public services and use of the public resources;

    Strengthening the Brazilian capital market and expanding the number of companies with publicly-traded capital;

    Improving the quality and expansion of economic, urban and social infrastructure;

    Insertion of national companies in global production chains (exports).


  • Channels


    corporate assistance contacts



    contacts via Call Center (88% by phone)



    requests for information via SIC – all answered within legal deadlines



    messages via the Ombudsperson’s Office



    preliminary proceedings filed with the Ethics Committee

  • Website


  • social media


    followers on Twitter



    views on YouTube


    Up 134% over 2015



    likes on our Facebook fan page


    Up 123% over 2015

    We have started streaming main interviews live on Facebook


  • Advertising

    R$ 23 million

    invested in 2016

    Our sponsorship of canoeing was the theme of an advertising campaign launched during the Olympic Games


  • Press service


    equests from media channels answered

    Up 138% over 2015




    press releases, notes, statements and agenda announcements published



    Meetings with journalists to clarify doubts, inform about ongoing activities and improve relations with the press


  • Lectures, events and trade fairs

    institutional lectures held

    492 people


    12 O BNDES Mais Perto de você (BNDES closest to you) lectures to counsel micro, small and medium entrepreneurs, attended by

    1,693 people


    154 credit seminars in partnership with the Brazilian Micro and Small Business Support Service (SEBRAE) to publicize our modes of support, attended by over

    9,000 people


  • New administration

    On June 1, 2016, Maria Silvia Bastos Marques took office as president of BNDES, appointing a new board of directors and reducing the number of deputy managing directors from 25 to 19. The positions of legal and controllership directors were created to provide a solid and consistent framework to work with and address issues in an institutional manner.


  • State-owned companies law

    Law 13,303 of June 30, 2016 introduced important changes to the BNDES System, especially regarding new rules for the appointment of directors and members of the Advisory Board; compliance with minimum transparency requirements, such as the annual release of an integrated or sustainability report and the ruling that control agencies must have unrestricted access to information necessary for their activities, including confidential ones. The new law required a review and adaptation of the bylaws of BNDES, BNDESPAR and FINAME, as well as the internal regulations of the Advisory Boards and Fiscal Councils. New policies were also established: the BNDES System policy for appointment to collegiate bodies and the dividends policy.t


  • Ethics and integrity

    In 2016, we approved our Corporate Compliance Policy and the Integrity Program, which outline principles and guidelines to enhance the culture of compliance, ethics and integrity in all our activities and operations. We also took part in discussions on those themes, joining different groups and initiatives such as the Rio Compliance Group, which brings together professionals from public and private companies and other institutions located in Rio de Janeiro to spread knowledge and exchange experiences among its members and also the Brazilian National Strategy to Fight Corruption and Money Laundering (ENCCLA), an initiative of the Ministry of Justice and Public Security to develop action to prevent and fight corruption and money laundering.


  • Auditing and relationship with control bodies

    Our internal auditing department directly linked to the Advisory Board, coordinates our dialog with external control and oversight bodies such as the Federal Court of Accounts (TCU), the Office of the Comptroller General (CGU) and the Brazilian Central Bank. In 2016 we underwent due diligences and audits which together generated 974 requests for information, all of which were properly addressed. We developed work plans, events and agreements with the control bodies to improve governance and transparency in our operations and reinforce our commitment to openness and integrity in the conduct of our activities.


  • Transparency

    The Transparency corporate project concentrates initiatives developed by several areas to afford our stakeholders greater visibility, disclosure and understanding of several aspects related to our performance. The new website was one of the project’s main deliveries in 2016, and the Bank’s main active transparency tool. Therein we provide information on funding sources, accountability reports, purchase and contract information, as well as fund disbursement statistics.


  • Risk management and
    financial sustainability

    One of the main objectives of our risk management and internal control system is to contribute to our financial sustainability by measuring and monitoring the risks to which we are exposed and the assessment of internal controls. In 2016 we developed a global risk appetite framework, implemented a new market risk management system and improved operational risk management with the development of a specific methodology to assess risks associated with fraud, among other initiatives. From a financial point of view, one of the main events of the year was the early settlement of R$ 100 billion in debt with the National Treasury without any impairment to our operational capacity in the coming years.


  • COP 22

    Launch of the Biofuture Platform, an international alliance of twenty countries that seeks, among other goals, to advance technological development for the production of second-generation ethanol (E2G), from any kind of biomass, through international cooperation. We took part in the design, development and detailing of the platform, in partnership with the Brazilian Ministry of Foreign Affairs. We also presented the results of the Amazon Fund in opposing deforestation and promoting sustainable development.


  • Amazon Fund

    Among the main activities of the fund in 2016, we highlight the strengthened support to the indigenous peoples inhabiting the Amazon region with the approval of three additional projects within the sphere of the Public Call for Support to Territorial and Environmental Management in Indigenous Lands, totaling six initiatives. Another highlight was the Integrated Amazon Project, which aims to invest in technologies and knowledge for the recovery, conservation and sustainable use of the biome. The support is intended for the undertaking of research and technology transfer projects of the various Brazilian Agricultural Research Corporation (EMBRAPA) units, which serve as regional offices.


  • Efficient public lighting

    We elaborated our strategy to foster the sector, focusing on greater energy efficiency provided by new technologies, notably LED lighting, which combines consumption reduction with environmental protection. We started developing our methodology for the accreditation of high-powered LED lamps for several segments, with the requirement of progressive nationalization for accredited manufacturers. We also supported a public-private partnership in Belo Horizonte in the sector and started working to extend this support to other cities in the country..



    In 2016 we launched a specific line of credit for technologies geared towards reducing and mitigating social and environmental risks and impacts through the Mineral Sector Development, Sustainability and Innovation Plan – Inova Mineral. We selected and supported business plans for innovation in the development of high-performance materials, agricultural fertilizers and increased safety of tailings dams etc.


  • INOVA Social

    We developed a partnership with EMBRAPA through the Social Innovation and Sustainable Land Development Support Program – Inova Social, with estimated R$ 30 million in non-refundable support for the inclusion of family agriculture production and transfer of EMBRAPA knowledge of animal and plant production to small farmers. The program will benefit 5,530 families in 203 municipalities.


  • sport

    The year 2016 yielded excellent results in our strategy of sponsoring canoeing, which began in 2011. For the first time Brazil won Olympic medals in this sport, a total of four, considering both Olympic and Paralympic Games. Isaquias Queiroz (photo) was one of the successful athletes, winning two silver medals and one of bronze.


  • Culture

    Through sponsored projects we fostered the cultural sector in all five regions of Brazil and enabled products and cultural manifestations in areas such as cinema, music and literature. Our initiatives in 2016 included the free broadcast of lectures from the FLIP book festival, workshops at the 11th CineOp – Ouro Preto Film Festival (photo) and Tiradentes Film Festival, as well as master classes with renowned musicians at the Mimo Festival and the Piano Brazil project.


  • BNDES Cultural Space

    In 2016 we offered more than eighty attractions – 78 musical shows and five exhibitions – all selected through public notices. One of the highlights was the exhibit “Image Agriculture” (photo), by Rodrigo Braga, which re-opened the BNDES Gallery. Our theater also hosted music and film festivals as well as events such as lectures and chats. Over 25,000 people visited the BNDES Cultural Space throughout the year..


  • MSME

    We outlined an action plan to simplify, streamline and expand access to credit by micro, small and medium-sized enterprises (MSME) with the objective of cooperating to resume economic growth and preserve and generate employment and income. One of the initiatives was to increase the budget and prolong terms of payment for working capital credit. We also sought greater automation in granting credit for automatic indirect operations to reduce deadlines for the approval, contracting and release of funds. We made progress in launching a relationship environment on our website where entrepreneurs can identify lines of credit available for their purposes and simulate financing conditions, among other options. We approved the increase of credit limit for MSME businesses from R$ 90 million to R$ 300 million, based on gross operating income. That change is in line with standards used by financial agents and the General Law of Micro and Small Enterprises.


  • MICROCRedit

    In order to expand distribution channels and expedite the granting of financial support, we started a review of our instruments to finance formal and informal microentrepreneurs who generally have poor access to credit in the traditional financial system. Since 2005 we have disbursed more than R$ 1 billion for the segment, with an end multiplier effect of R$ 4.5 billion. The funds have enabled 1.3 million operations. In 2016 alone we supported around 250,000 individuals and micro and small companies.



    We approved 22 projects to finance the generation, transmission and distribution of energy in 2016. Investments in renewable electric power totaled 2,525 MW. Our new operational policy includes specific guidelines for the electricity sector, ensuring better financing conditions for energy-efficient and solar power projects. In November 2016, Celg Distribuição, an electric power company operating in Goiás, was privatized in auction and the second stage of the 13/2015 power transmission auction was held, in cooperation with Aneel. In the area of sanitation we disbursed R$ 700 million for different projects with a focus on interventions that directly influence the quality of life of the Brazilian population. The program for state concessions in sanitation is a priority agenda. We will serve as a projects office for state governments, hiring consultants to diagnose the situation, carrying out technical studies and proposing appropriate models. By the end of the year, 17 states had shown interest. In the area of urban mobility, the highlights were projects such as the VLT and subway line 4 of Rio de Janeiro, linked to the Olympic Games, and the subways of Bahia and São Paulo.


  • Industry


    Disbursements of our exports support lines in 2016 more than doubled over the previous year, reaching US$ 4.1 billion. Our support accounted for 11% of total exports of capital goods in Brazil. US$ 2.6 billion was disbursed over the year in pre-shipment operations and US$ 1.5 billion in post-shipment operations. Annual amortizations and interest on post-shipment financing are a stable source of foreign exchange earnings for Brazil. Prominent projects included support for exports of hydro-mechanical equipment manufactured in Brazil by Alstrom and destined for the construction of the Ituango Hydroelectric Power Plant in the Colombian department of Antioquia. We also continued funding Embraer’s exports to SkyWest by contracting two new financing operations amounting to US$ 1.5 billion, related to the purchase of over sixty E-175 aircraft.



    One of our priorities has been to contribute to better corporate governance of Brazilian companies. To that end, last year we renewed our technical cooperation agreement with the Brazilian Institute for Corporate Governance (IBGC), besides carrying out the Novo Mercado (New Market) reform in partnership with BM&FBovespa. Two further priorities are encouraging alternative energy and the capital market, which led to the creation of the Sustainable Energy Fund. Its objective will be to invest in incentive debentures of infrastructure projects, especially assets related to the low-carbon economy. We have approved an internal resolution to establish new rules to monitor shareholdings according to TCU and CGU recommendations, in order to guarantee more transparency and operational efficiency and to demonstrate the effectiveness and efficacy of operations.




R$ 88.3 billion

was disbursed in

597,565 operations with

144,912 clients

R$ 14.5 billion

green economy

R$ 3.6 billion


R$ 9.7 billion

social development


By sector


By client size
(% of number of operations)


By Client size
(% of disbursement amounts)


By region (% of disbursement amounts)