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Dyogo Henrique de Oliveira, presidente do BNDES Dyogo Henrique de Oliveira, presidente do BNDES
On the left, Dyogo Henrique de Oliveira, president of BNDES. On the right, Walter Baere, president of the Advisory Board.

The year 2017 marks the beginning of the economic recovery after two years of strong contraction. Investment, which was the macroeconomic variable most affected by the crisis, began to show signs of reaction. BNDES, as the main instrument of the Federal Government for long-term financing and investment in all segments of the economy, plays an extremely important role in this recovery.

Throughout 2017, the Bank focused on laying the foundations for sustained development, in a scenario of new challenges. With the drop in the Selic rate and the creation of the Long-term Rate (TLP), we are entering a new phase in Brazil: The low-interest rate era. Thus, BNDES will need to prospect and boost projects and investments, as well as proposing new products and financial solutions. Therefore, between 2017 and early 2018, BNDES underwent a broad process of strategic planning, redefining the guidelines for its operations in the 2018-2030 period.

With solid governance and an ethical and capable functional body, BNDES has all the required instruments to fulfill the purpose of transforming the lives of generations of Brazilians, promoting sustainable development. Always acting with transparency, dialogue and cooperation. This report is another means of showing the Bank's actions and processes, demonstrating the effectiveness of our actions. It follows the model of the integrated report and, through financial and nonfinancial information, aims to present how the Bank generates value for the public.

We invite everyone to read this report. We are always open to suggestions and criticisms, searching for a continuous improvement of our performance and transparency.

Dyogo Oliveira
President of BNDES

Walter Baere
President of the Advisory Board


Who are we?

We are the Brazilian Development Bank (BNDES), a federal public 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 segments of the Brazilian economy. With headquarters in Brasília and most activities concentrated in Rio de Janeiro, we operate throughout the country, with offices in São Paulo and Recife. We have operated since 1952 and today we are one of the largest development banks in the world.


To transform the lives of generations of Brazilians, promoting sustainable development.


  • Ethics
  • Public principles
  • Commitment to development


  • Transparency
  • Dialogue
  • Pursuit of excellence
  • Effectiveness
  • Cooperation


To facilitate financial solutions that contribute with investments for the sustainable development of the Brazilian nation.

Futuro Vision

Perspective for the country: Making Brazil a developed country by 2035.

Strategic institutional perspective: Being recognized as Brazil’s development Bank due to its relevance and effectiveness.


BNDES is present throughout the national territory and operates in various sectors of the economy. See the distribution of our disbursements in 2017.

Map Total (2017)
Map Industry
Map Infrastructure
Map Agricultural
Map Trade and services
Map Green Economy
Map Social development
85.7% of the Brazilian municipalities (4,744 municipalities) supported. Intermunicipal projects: R$ 17.7 billion
41.2% of Brazilian municipalities supported.
Intermunicipal projects: R$ 1.1 billion.
39.6% of the Brazilian municipalities supported.
Intermunicipal projects: R$ 13.2 billion.
63% of the Brazilian municipalities supported.
Intermunicipal projects: R$ 365 million
71.3% of the Brazilian municipalities supported.
Intermunicipal projects: R$ 3.0 billion
57.3% of Brazilian municipalities supported (3,192 municipalities).
45.5% of Brazilian municipalities supported (2,535 municipalities).

Our staff

We count on a committed staff, admitted by public recruitment examination, which is always in search of excellence, one of our principles, and of the improvements required for the promotion of Brazil’s sustainable development.

2,760 employees 35% women e 65% men 3% under 30 years old, 79% from 30 to 50 years old, 18% more than 50 years old Race: 27 asian, 46 black, 2.237 caucasian, 362 mulatto, 82 not informed, 6 indigenous 2% basic education, 17% secondary education, 82% higher education 54.4 hours average hours of training per employee




To develop and support projects aimed at increasing productivity and strengthening the connection between markets, enabling new business creation.

Production Structure

To support the transformation of traditional business models and the insertion of Brazil into the global and knowledge economies.

Education, Health and Safety

To raise the level of qualification and standards of labor productivity and to improve current conditions of public health and safety.

Regional Development

To develop the various regions of the country, supporting companies and public agencies.


To stimulate innovation and entrepreneurship as a lever of development.

Capital Market

To develop the market by promoting crowding in and inducing good practices.


To support the migration to the green economy thus giving prominence to Brazil.


Input and resource acquisition

  • Private resources for funds managed by BNDES
  • Guarantees and insurance
  • Public resources
  • Guarantees and insurance
  • Fund raising on the capital market (national or international)
  • Net equity
  • Executives for senior management of BNDES
  • Financial agents teams
  • Highly specialized staff
  • Miscellaneous studies and publications
  • Specialized outsourced services
  • Public policies
  • Digital distribution platforms
  • Projects with developmental impacts
  • Collegial decision process
  • Digital access platform
  • Evaluation methodologies for projects and companies
  • Sectoral and regional knowledge
  • Regional partners’ offices
  • Network of branches and offices of financial agents
  • Regional offices
  • Natural resources
  • Ecosystems and biodiversity
Social and relational
  • Social needs and demands
  • Relationship with stakeholders
  • Supervision and control of public bodies
  • Partnership with government bodies
  • Companies with investment potential
  • Partnerships with trade associations
  • Partnerships with promotion system
  • International agreements
  • Trust in BNDES operations
  • Reputation
  • Ability to influence and articulate
  • Tradition in devising and proposing development themes and agendas

  • We offer a portfolio of credit products directed to the needs of the various client segments from all sectors of the economy;
  • We participate as partners in companies of all sizes with great potential for innovation and for promoting development;
  • We operate with negotiable debt securities to complement the financing of projects;
  • We manage and participate in third-party funds;
  • We structure projects and provide advisory services to public entities;
  • We support social, cultural, innovation and environmental projects with nonreimbursable funds;
  • We produce knowledge on development topics;
  • We provide technical support to the development and implementation of public policies.

Infrastructure Manufacture, agriculture, trade and services Cultura e esporte Capital market Social and environmental Culture and sport Education, health and safety

Value sharing

  • Growth of national per capita income
  • Employment and income generation
  • Interest on public funding
  • Dividends
  • Taxes paid by BNDES
  • Taxes generated by the activities supported by BNDES
  • Financial results for companies (returns, cost reduction, term extension, reduction of exposure to foreign exchange risk)
  • Interest on capital
  • Productivity and competitiveness increase
  • Expansion of Brazilian exports
  • Development of the capital market
  • Incentive to formalization (small business)
  • Financial results for BNDES
  • More and better jobs
  • Increased respect for human rights
  • More qualified and productive employees
  • Professional development
  • Contribution to the country's development
  • Shared knowledge
  • Publications, reports and sectoral databases
  • Contributions to the development of public policies
  • Agendas and strategies for sustainable development
  • Modernization of productive capacity
  • Innovations
  • Productive processes
  • Better and greater insertion in the knowledge economy
  • Acquired knowledge
  • Infrastructures
  • Financed manufacturing facilities
  • Financed equipment and machines
  • Preservation and conservation of nature
  • Carbon footprint
  • Contribution to the achievement of COP21 goals
  • Insertion in the green economy
  • Improvements in the surroundings of supported projects
  • Ecoefficient facilities
Social and relational
  • Improvement and expansion of the access to environmental sanitation, health, education and safety services
  • Territorial connection and reduction of distances
  • Infrastructure services
  • Social and productive inclusion
  • Support for strengthening citizenship
  • Coordinated public policies
  • Expansion of the business and innovation ecosystem
  • Opportunities for internationalization
  • Adoption of good social responsibility practices
  • Improvement in corporate governance
  • Support for public management modernization
  • Institutional recognition
  • Businesses articulated with society's demands and needs

Our relationships


  • 916 corporate assistance contacts
  • 324,400 contacts via call center (87% by phone)
  • 673 requests for information via Citizen Information Service (SIC) – all answered within legal deadlines
  • 1,440 messages via the Ombudsperson’s Office
  • 93 preliminary proceedings filed with the Ethics Committee


  • More than 1,900 employees of financial agents and other BNDES partners trained through the Trein@ BNDES initiative (face-to-face and online modalities)
  • 744 representatives of machinery and equipment manufacturers trained through the Trein@ Fornecedores

Lectures, events and trade fairs

  • 17 O BNDES Mais Perto de Você (BNDES Closest to You) lectures to counsel micro, small and medium entrepreneurs, 2,116 people attended
  • 139 credit seminars in partnership with the Brazilian Micro and Small Business Support Service (Sebrae) to publicize our modes of support, attended by over 7,000 people
  • 21 institutional lectures held for 445 people
  • Participation in 16 business fairs in Brazil, with assistance at our stand for approximately 5,000 visitors
  • 36 technical events sponsored, with a total amount of R$ 4.2 million

Website and social media

  • 5 million visualizations on our website
  • Average length of stay 15% longer and rejection rate 28% lower than in 2016
  • 800,000 hits to the Digital Library
  • 1,000 subscribers to the Knowledge section’s newsletter in about one year of operation
  • LinkedIn profile launched in 2017, with more than 20,000 followers until the end of the year
  • 70,000 likes on our Facebook fan page (an increase of 30% over 2016)
  • 124,000 followers on Twitter
  • 3,283 subscribers on YouTube (an increase of 50% over 2016)
Página do Linkedin do BNDES
Our LinkedIn page was launched in 2017.

Press service

  • 1,057 requests from media channels answered
  • 86,591 articles in the press mentioning BNDES (increase of approximately 50.5% over 2016)
  • 231 press releases, notes, statements and agenda announcements published


Advertising activities focused on:

  • The Bank's new portal
  • The launch of the mobile BNDES MPME application
  • The support for the preservation of Brazilian cultural heritage
  • The benefits of our actions to society

Total investment: R$ 42 million

Campanha publicitária do BNDES

Investor relations

  • More than 1,000 subscribers to the investor relation’s newsletter
  • 1 deal-roadshow conducted in the US and Europe for green bonds operations and 3 nondeal roadshows in the US, Europe and Asia
  • Meetings with over 150 international investors and 70 banks
Relação com investidores

Government and control bodies

  • Participation in various activities with the Federal Executive Branch, such as conducting working group meetings and participating in technical councils
  • Monitoring of more than 250 legislative proposals related to BNDES that were submitted to the National Congress
  • Interaction with control and supervisory bodies, routinely providing information and clarification, developing partnerships and cooperation agreements
  • Constant contact with the Public Prosecutor’s Office, Federal Police and the Judiciary System, responding requests for information, documents and complying with court orders
Poder público e orgãos de controle

Governance and Management Practices

Governance in state-owned companies

We obtained grade 9.5, reaching level 1 of governance in the first evaluation cycle of the IG-Sest, index of governance of the federal State-owned companies, elaborated by Sest. This result represents the best grade among the four existing rating levels. This indicator’s purpose is to evaluate compliance with the requirements of Law 13,303/2016 (Law of State-owned Companies) and with the guidelines set forth in the resolutions of the CGPAR. The IG-Sest will be determined quarterly until June 30, 2018, as established by said law.

Compliance With Ifrs9

We have initiated a plan to comply with the requirements of the new International Financial Reporting Standards (IFRS9). All stages of the work plan and its partial results were presented to the governance bodies of the BNDES System. The Bank's business models and the characteristics of its financial assets are being analyzed for their contractual cash flows. Based on preliminary analysis, we expect no material changes in the classification of our financial assets. However, we may have the IFRS financial result affected due to the requirements for the constitution of a provision for expected losses.


In 2017, a mixed parliamentary inquiry commission (CPMI) and a parliamentary inquiry commission (CPI) were set up in the Federal Senate to investigate possible irregularities in BNDES operations. The CPMI aimed to investigate supposed irregularities involving the company JBS in operations carried out with BNDES. Its final report contains no evidence pointing to fraud or misdemeanor, nor does it make recommendations to the Bank. The CPI was set up in August to investigate supposed irregularities in financing granted by BNDES under the globalization program aimed at national companies, as well as supposed irregularities in support operations to the public administration. Its final report does not present any element to discredit our operations and proposes five recommendations to the Bank, which are being discussed internally for compliance.

Preventing corruption and money laundering

In 2017, we reviewed our corporate policy for preventing money laundering and terrorist financing to improve internal procedures and controls in line with the size and volume of the Bank’s operations. In the analysis of funding requests we have included the application of a questionnaire about the client's integrity program, so that we can know better the profile of each company and evaluate their money laundering and fraud prevention controls. We implemented a series of initiatives to strengthen the Bank’s culture of integrity.


The corporate project Transparência (Transparency) brings together initiatives to increase the visibility and understanding, by our stakeholders, of various aspects related to our performance. The main initiatives related to the project in 2017 were the preparation of the Information Disclosure Policy, of the Related Party Transactions Policy and of our website’s governance standards; the overhaul of the structure of the explanatory notes to the financial statements of the Bank and its subsidiaries; and the quarterly disclosure of historical financial data.


We achieved some important advances in market risk management in 2017, such as the implementation of the monitoring of day trading operations and the introduction of more comprehensive stress tests. We observe the exposure to the concentration risk of the loan portfolio, following our own methodology aimed at predicting possible warning situations and providing mitigating measures. In addition, we have developed a methodology for quantifying individual concentration risk and we are developing a methodology for quantifying sectoral concentration risk. In 2017, we also approved the overhaul and updating of several norms that make up our credit policy, with the purpose of aligning it with the Bank's strategy, improving forms of support, methodologies and pricing of credit risk.

Return of resources

In view of the request by the National Treasury for the advance payment of R$ 180 billion of the Bank's debt with the Federal Government, in order to use these resources to reduce public debt, in the second half of 2017 we made early settlements in three contracts, in the total amount of R$ 50 billion. The repayment of R$ 9.1 billion to PIS/Pasep in October 2017 was determined by Resolution 6, dated September 11, 2017, of the Fund's Board of Directors. This rule aimed to meet the cash requirement estimated for payment to quota holders, due to Provisional Measure 797/2017, which reduced the age for withdrawal to 65 years for men and 62 years for women.

Long-term rate

The Long-Term Rate (TLP) replaced the Long-Term Interest Rate (TJLP) on BNDES contracts signed as of January 1, 2018. In 2017, we endeavored to adapt internal processes and IT systems, alter operational policies, prepare internal regulations and, especially, to communicate in a transparent way these changes for the external and internal public. With the enactment of the new law, the resources of the FAT, PIS/Pasep, FMM and resources transferred by the National Treasury after the renegotiation of contracts will be remunerated by TLP, in the case of amounts invested in financing operations contracted as of January 1, 2018, and by the Selic rate, in the case of amounts not applied. The amounts already contracted up to December 2017 will continue to be remunerated by TJLP.

Our performance in 2017


R70.8 billion disbursed
383,839 operations with
87,399 clients
R$ 2.3 billion innovation
R$ 6.5 billion social development
42% of disbursement to MSMEs
38% of disbursements to infrastructure
20% of disbursements to the Northeast region
R$ 6,183 billion Net profit
249.5% Growth in earnings from equity investments


MSMEs and microcredit

Our financing for micro, small and medium-sized enterprises grew 9% in 2017 and closed the year at R$ 29.7 billion. Our disbursements to BNDES Microcredit line reached R$ 77.6 million, serving more than 204,000 micro-entrepreneurs through oriented production microcredit institutions. The increase in our disbursements to MSMEs is due to our efforts to increase the reach of our investment and working capital financing, which includes actions such as the launching of new technological solutions and the development and expansion of lines and products intended specifically for this segment. One of the most relevant launches of the year was the MSME Developer Channel, which facilitated the first contact with our financial agents.

3D Printers

Entrepreneur Cristiane Magdalon, a partner at 3be, a company that sells printers and 3D printing services, needed resources to cover the company's ongoing costs, which remained constant. She decided to submit a BNDES Giro financing proposal through the MSME Developer Channel. At the time, she chose a financial agent with whom she had no relationship. The financing was approved easily and quickly. Thus, she was able to stop using the overdraft banking of her former financial agent, avoiding the less favorable financial conditions.

Impressoras 3D
Photo: 3be collection
Broadband expansion

Brisanet, a company located in the municipality of Pereiro (CE), received support from BNDES in 2015 to expand its presence in the interior of the Northeast region. More than 10,000 km of fiber optic were installed, covering 14 cities by the end of 2017, and reaching 90,000 subscribers. The number of direct jobs increased 214%, from 597 at the beginning of the project to 1,876 formal employees. The company's revenues grew 210%, reaching R$ 140 million in 2017. To sustain this growth, Brisanet was supported by BNDES Giro in 2017.

Expansão da banda larga
Photo: Brisanet collection
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Decree 9,036/2017 established that BNDES could support the structuring and development of projects related to basic sanitation, public lighting and piped gas distribution. Currently, we are supporting eight states with privatization projects in the sanitation sector and three projects in the public lighting sector, at the municipal level. In 2017, alternative energy projects accounted for 61% of all energy-related projects approved by the Bank. Since 2016, wind energy has been the segment that has received most of BNDES’s financing, both in number of projects supported and in value. In 2017, our disbursements to the segment reached R$ 7 billion. In the sanitation sector, we disbursed R$ 568 million – of this amount, 6% was invested in solid waste treatment and disposal initiatives and 94% in sanitation. In the logistic and transportation sector, we disbursed R$ 1.7 billion for investments in railroads, federal highways, ports and terminals, and waterways and navigation.

Pirapora solar energy complex

At the end of 2017, the first phase of the Pirapora Solar Complex, the first solar power generation project financed by BNDES, began its operations, with capacity to supply about 190,000 households. With a total installed capacity of 150 MW, the solar energy complex in the city of Pirapora (MG) represents significant investments in the sector – in the order of R$ 940 million, of which R$ 529 million is financed by the Bank. Divided into three phases, after its completion the project will be the largest solar plant in Latin America.

Complexo Solar Pirapora
Photo: Shutterstock
Jaguari-Atibainha interconnection

The São Paulo State Sewage Company (Sabesp) project to interconnect the Jaguari (Paraíba do Sul river basin) and Atibainha (Cantareira system) reservoirs has the purpose to guarantee the availability of water in the Integrated System of the Metropolitan Region of São Paulo by enabling the water flow between the Jaguari and Atibainha dams. The project will benefit about 10 million people and help prevent supply crisis like the one faced by the population of São Paulo between 2014 and 2016. Costing R$ 555 million, about 33% below the initial budget, the project saved many financial resources. We contributed 90% of the total cost.

Interligação Jaguari-Atibainha
Photo: BNDES collection/Gustavo Zampronio
Urban mobility

The year of 2017 was marked by advances and deliveries in the construction of the Bahia Subway (photo) – with the inauguration of the final stretch scheduled for 2018 – of the VLT Carioca – with the Central Station inaugurated in October 2017 – of the Line 5 (Lilac) of the São Paulo Subway – the Adolfo Pinheiro-Brooklin section began operations in November – and of a 175-meter-long overpass under the Renaissance Square in Niterói linked to the Rio-Niterói Bridge, all financed by the Bank

Metrô Bahia
Photo: BNDES collection/André Telles
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Industrial sector

Over the year, we developed the “Plano Indústria” (Industrial Plan) to map visions for the future for the main Brazilian industrial sectors and to identify the main technologies that will be required or developed in the coming years. We also completed the three first phases of a study contracted for the diagnosis and proposition of a strategic action plan for Brazil in the Internet of Things and participated in a study that identified five challenges for the development of advanced manufacturing in the country. Goals and initiatives to be implemented in the course of 2018 were set for each of these challenges. In the health sector, we contracted four new innovation projects, totaling an investment of R$ 115 million. Our agenda for the biofuels segment focused on the identification of opportunities to develop the production chain of agroindustrial waste biogas. In the primary industry, we started adopting the Socioenvironmental Mining Policy and supported various applied research projects in order to promote the production of more environmentally sustainable chemical products.

Second-generation ethanol

The implementation of a Raízen production unit of second-generation ethanol (E2G), which we supported, reached a production of 11 million liters of this biofuel in the 2017-2018 harvest. The plant is expected to reach full capacity in the 2019-2020 harvest (40 million liters), making it a candidate to be the first E2G-producing unit in the world to achieve economic viability. Since E2G is obtained from agricultural residues, such as bagasse and sugarcane straw, the project has the potential to change the technological paradigm of the biofuels sector, addressing the concerns of some countries regarding the dilemma "biofuels or food" and thus increasing the international demand for Brazilian ethanol

Etanol de segunda geração
Photo: Shutterstock
Digital games

In 2017 we approved our second financing for a Brazilian gaming company, with funds from the BNDES Program for the Development of the Economy of Culture (BNDES Procult). The financial support, in the amount of R$ 2.6 million, will be allocated to the 2016-2018 investment plan of Sioux Serviços de Informática Ltda., contributing to job creation in areas such as planning, game design, 3D graphics projection, programming, support, project management and press advisory.

Jogos Digitais
Picture: Sioux disclosure
Agroindustrial cooperatives

Our disbursements to agroindustrial cooperatives totaled more than R$ 2.5 billion in 2017, providing investments in the implantation and modernization of grain processing units, warehouses, pig production units, feed factories, and poultry and pork slaughterhouses. The expansion of production and storage capacity of cooperatives was also the object of new operations approved over the year, such as the financing of R$ 85 million for Cotrijal, for the acquisition of 14 grain reception and storage units, and the operations with Cooperativa Aurora for the acquisition of a poultry and pork slaughterhouse in Erechim (RS) (photo) and the expansion of pig processing units in Chapecó (SC).

Cooperativas Agroindústriais
Photo: Cooperativa Aurora collection
Inova Mineral

Last year, we published the results of two selection processes of the Development, Sustainability and Innovation Plan for the Mining Sector (Inova Mineral), carried out in partnership with Finep and the National Institute of Intellectual Property (INPI). The first selected 24 investment plans for the sector, including projects such as an integrated system for monitoring and managing the integrity and compliance of tailings dams, and a graphene technological platform. The investment amounted to R$ 737 million, with BNDES and Finep contributing R$ 500 million. In the second selection process, another 19 investment plans were selected, totaling R$ 1.4 billion and focusing on the development of more efficient materials, equipment and processes for mineral

Jogos Digitais
Photo: Shutterstock
New paper and pulp production unit

We supported the implementation of a new Fibria production facility in Três Lagoas (MG), which will make the company's industrial complex one of the largest pulp production systems in the world. The new line can produce up to 1.95 million tons per year of hardwood pulp, generating revenues of about US$ 1.2 billion in exports. In addition to the production unit, the initiative included the creation of a fully automated nursery of eucalyptus seedlings, with a controlled irrigation system, climate monitoring and automatic transport of seedlings with tracking. The new plant is also environmentally sustainable, being able to return to the environment cleaner water than the one collected, as well as to recover chemicals used in the production process to generate surplus electric energy, available to the national interconnected electric grid.

Nova unidade de papel e celulose
Photo: Fibria image bank
Automotive industry

Throughout the year we endeavored to attract engineering projects to Brazil and consolidate the local technical expertise in the sector. Under the leadership of the Ministry of Industry, Foreign Trade and Services (MDIC), we also provided technical support for the elaboration of the new automotive regime – Rota 2030, which is scheduled for launch in 2018. We also supported various projects related to the automotive industry with a focus on innovation and sustainability, such as the inauguration of a dynamic car simulation center of Fiat Chrysler Automobiles (FCA), in partnership with the Pontifical Catholic University of Minas Gerais (PUC Minas), which aims to generate innovations focused on the safety of vehicles, people and road systems.

Setor automotivo
Photo: Fiat Chrysler collection/Leo Lara
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Exports of machinery and equipment through the BNDES Exim Automatic line were prominent in 2017, maintaining the growth observed in recent years and reaching a record of approvals, with 121 credit operations involving a total of 62 companies. This record practically doubled the number of approvals observed in 2016. This outstanding performance is due to the promotion activities carried out in Brazil and abroad and to the improvements in this financing line, which enabled more operations with micro, small and medium-sized enterprises. Currently, the BNDES Exim Automatic line supports more than 100 Brazilian capital goods companies, of which 40% are MSMEs.

Export of aircraft

In another effort to support exports, the BNDES Exim Post-Shipment Goods and Aircraft line throughout 2017 financed US$ 662 million for the export of 25 aircraft.

Exportação de aeronaves
Photo: Embraer collection
Export of engineering goods and services

The operations to support the export of Brazilian engineering services underwent a reassessment. The following criteria were established for its continuity: level of physical implementation of the project; equalization of the sources of financial resources of each project; level of additional risk of the debtor country for each operation; inexistence of illegal acts linked to the project. In addition, we have begun to sign agreements with the debtor country, the exporting company and BNDES in order to institute new enforcement mechanisms in case of irregularities.

Exportação de serviços de engenharia
Photo: Shutterstock
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Capital market

At the end of 2017, our fund portfolio consisted of forty active funds, with BNDESPAR committed equity (CE) of approximately R$ 3 billion and a total aggregate commitment of R$ 15.7 billion – which means that for each R$ 1.00 invested by the Bank, R$ 4.30 was contributed by other investors. The divestitures of the BNDESPAR portfolio totaled R$ 6.6 billion in 2017. Despite the high volume of divestments in the year, the market value of the BNDES System portfolio at the end of 2017 was R$ 85.9 billion, 6.5% higher than in the previous year, mainly due to the appreciation of securities in the stock market.

Venture debt fund to support innovative small and medium-sized companies

We selected, through a public call, a manager for the first venture debt fund to support innovative small and medium-sized companies. The initiative is part of our effort to support the development of the long-term corporate credit market, facilitating access to credit by MSMEs, lengthening financing terms, reducing interest rates and making guarantees more flexible, through investment in private corporate credit funds, in partnership with other institutional investors.

Fundo de venture debt para pequenas e médias empresas inovadoras
Photo: Shutterstock
Selection of startups

We structured a public call for the Angel Co-investment Fund to select startups in the priority sectors of agribusiness, biotechnology, smart cities, creative economy, nanotechnology, new materials, health, and information and communication technologies. This ten-year fund will have an estimated equity of R$ 100 million, of which R$ 40 million in BNDESPAR's interest, and will support companies with annual net operating revenues of a maximum of R$ 1 million.

Seleção de Startups
Photo: Shutterstock
Sustainable energy fund

Vinci Partners was selected to structure and manage the Sustainable Energy Fund, an energy sector investment fund focused on sustainable projects. Announced in 2016, the fund was registered in August 2017 and is currently raising funds with investors. Its equity will be up to R$ 500 million, with a maximum of 50% in BNDESPAR participation.

Fundo de Energia Sustentável
Photo: Shutterstock
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Social and environmental

In 2017, we approved a new nonreimbursable operation, with resources from the Social Fund, in the amount of R$ 100 million, to support the construction of cisterns – used for food production and animal husbandry – in the Brazilian semiarid region. We additionally selected eight projects to receive a total of R$ 26 million in Social Fund’s nonreimbursable resources in the framework of the public call to support ecological restoration projects in the Atlantic Forest biome, which will contribute to the restoration of about 2,300 hectares. We also support with nonreimbursable resources projects to combat poverty-related diseases such as Dengue fever and Zika fever.


With the renewal of the support, another 6,821 cisterns will be installed in 68 municipalities in the region, distributed over nine states. In addition to using social technology for access to water, the operation includes resources for the purchase of productive inputs, such as seeds, seedlings and small animals, and for infrastructure for vegetable gardens, orchards, sheepfolds or chicken coops, according to the preference and vocation of the family supported. In this new phase, the project includes the provision of family monitoring services for social and production inclusion for families in poverty or extreme poverty (monthly income per capita of up to R$ 170 and R$ 85, respectively). Thus, they begin to receive technical assistance on productive management practices for up to 24 months. This will allow beneficiaries to be eligible for the Rural Productive Activities Promotion Program, a Federal Government’s program that grants nonreimbursable financial resources for the implementation productive projects, disbursed by the Ministry of Social Development (MDS).

Cisternas de segunda água
Photo: BNDES collection/André Telles Photography – Fabio Chieppe
Amazon Fund

The year 2017 was marked by a record disbursement of the fund, in the total amount of R$ 223.7 million, representing an increase of 67% in relation to the previous year. The total disbursements for projects approved in the year also showed an increase of 45% compared to 2016, reaching R$ 235 million. Two public calls were launched last year to support new projects. The first, providing up to R$ 150 million, is earmarked for the selection of ten projects aimed at promoting the consolidation or strengthening of community preservation projects. The second, amounting to R$ 200 million, focused on the choice of up to five forest recovery projects that could contribute to the technical and managerial structuring of the productive chain of the reforestation sector and to the environmental regularization of rural properties.

Fundo Amazônia
Photo: BNDES collection

We have continued to advance our education initiatives and have prioritized innovation and management issues. We set the focus of our efforts on the use of digital technologies and connectivity. We have taken a step in this direction by helping to develop the Connected Education Innovation Program (Federal Decree 9,204/2017) and committing ourselves to participate in its advisory committee. We expanded our sponsorships related to education initiatives, which are essential for the country's development. With a support of R$ 3.4 million, we sponsored several events and actions of the Brazilian Mathematics Biennial (2017-2018) program, which brought the International Mathematical Olympiad (photo) to the country and stimulated students from all over the world to expand their knowledge in the discipline and in scientific matters.

Biênio da Matemática
Photo: Christian Rodrigues
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Culture and Sport

In 2017, we reached the mark of twenty uninterrupted years supporting the preservation of the Brazilian cultural heritage. Over these years, we allocated R$ 600 million, in nonreimbursable resources, to a total of 233 projects, spread throughout the five regions of the country. Our accumulated experience in this initiative has also led us to reflect on the sustainability of cultural institutions. To encourage this debate, we sponsored and hosted the First International Forum of Cultural Endowments, which was attended by representatives of the financial market, governments, managers of public services and scholars. In 2017, we also sponsored 26 cultural events in different regions of the country, which together reached an audience of more than 5.3 million people. These actions represented a total investment of R$ 15.4 million in audiovisual, music and literature projects. In sport, the year marked the continuation of our support for Brazilian canoeing, a modality in which the country was awarded with its first Olympic medals in 2016.

Copacabana’s new year's eve festivities

For the first time, we sponsored Copacabana's New Year's Eve festivities, one of the biggest events in the city of Rio de Janeiro, in an action that sought to contribute to the recovery of the self-esteem of Rio de Janeiro and to the resumption of tourism in the city. With a total audience of 2.8 million people, our sponsorship has stimulated hotel occupancy and local economic growth.

Réveillon de Copacabana
Photo: Aune Filmes.
Espaço Cultural BNDES

We offer a diverse cultural program at the Espaço Cultural BNDES, which houses a theater and a gallery and is located in our building in the center of Rio de Janeiro. Throughout the year, we carried out more than eighty cultural activities, such as musical shows and exhibitions, all entirely free and selected by public calls open to producers from all over the country. In this way, we contribute to the democratization of access to culture and stimulate Brazilian artistic production. In 2017, the Espaço Cultural BNDES received 30,409 visitors.

Quintas nos BNDES - Espaço BNDES
Photo: BNDES collection/André Telles Fotografia – Chico Salles
Support for brazilian canoeing

In 2017, we invested a total of R$ 8.75 million in the maintenance of training centers and in the organization of competitions. Thus, we helped our athletes to obtain important results in the main championships of the modality. In addition to the title in the South American Championship held in Paipa (Colombia), in which Brazil won the highest number of medals (50), prizes were won in the U-23 World Championship, in the Canoeing Sprint World Cup and in the Slalom World Championship, in which Ana Sátila won the bronze medal (photo). Paracanoeing also brought important results for the country, such as titles in South American and Pan American competitions, and fifth place in the World Cup.

Patrocínio à Canoagem Brasileira
Photo: Fabio Canhete
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Challenges and vision for the future


In recent years, our economy has faced a long and deep recession and Brazilian GDP has returned to the level observed in 2010. This context led to a circumstantial decline in the demand for BNDES funds, largely reflecting an overall reduction of investments in the economy. At the same time, profound changes are occurring in the environment in which BNDES operates. These changes range from financial conditions to more structural issues. These include: (i) the convergence between BNDES rates and market rates; (ii) a decrease in the availability of public funding; (iii) ongoing changes in the banking sector, based on new technologies; (iv) new challenges for the Brazilian economy, such as population aging, which aggravates the need to increase productivity; (v) the sustainability agenda; (vi) disruptive technological advances with broad consequences, including on employment, which demand education and professional qualification initiatives.

Strategic planning

In 2017 we began a broad process of strategic planning and reflection that included conducting various internal and external evaluations, a review of our identity and the development of a medium-term plan (2018-2023) and long-term guidelines (2030). In this broad process of identity review, we (re)affirm that it is our purpose: “To transform the lives of generations of Brazilians, promoting sustainable development.” We recognize our mission as “to facilitate financial solutions that contribute to investments for the sustainable development of the Brazilian nation.” Our vision for the country is: “making Brazil a developed country by 2035,” aiming in this process (vision – institutional perspective) to be recognized as Brazil’s development Bank due to its relevance and effectiveness.


The implementation of our new strategy presupposes the consolidation of a new management model, which includes the evaluation of the current structure, allocation of human resources and forms of governance, for example, to define new models and initiatives, changes in processes, and construction of new skills. The recent changes in funding and resource availability, coupled with the prospects for a resumption of the Brazilian economy, point in the near future to a greater need for market funding and a securitization of exposures. There will also be a need to develop new financial instruments that have greater capacity to leverage resources, such as the provision of guarantees, and a renewed pricing approach. We need the rise of investments and innovation to reduce regional and social inequalities, develop social and urban infrastructure, and sustain consistent productivity increases to ensure the competitiveness of the Brazilian economy.