BNDES - Annual Integrated Report 2018 BNDES - Annual Integrated Report 2018

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Message from the president

Joaquim Levy, president of BNDES
Joaquim Levy, president of BNDES.

The year 2018 was characterized by the perpetuation of changes in the business environment in which BNDES started operating after 2014.

Among the main changes, we highlight the implementation of the new interest reference parameter for financing, the Long-Term Rate (TLP), replacing the Long-Term Interest Rate (TJLP) for new operations. This is a profound reform, approved by Law 13,483/2017, which reconfigures the situation of earmarked credit and BNDES performance. Associated with this law, there was also the renegotiation of the debt with the National Treasury, which, for some years, was the main source of additional funds for the Bank’s loans. This renegotiation led to a shortening of this debt and changes in its remuneration, without prejudice to any return performed as a result of the analysis of the demand for funds by BNDES’s clients.

In response to the new competitive environment, the Bank has been reshaping its business model. This reformulation aims to ensure clarity in the way we execute our development mission, guarantee the financial sustainability of the institution and strengthen the organization, increasingly invigorating our workforce and formalizing corporate projects whose implementation has already begun and will continue for the next semesters.

The Bank’s mission translates into several lines of action, including the support for infrastructure (from project preparation to structuring of financial solutions in partnership with the private sector), industrial (with an emphasis on innovation), and services activities (from health to tourism, also with a strong innovation component). We believe that our social mission is fulfilled when we are present financing and transforming the sanitation sector and other services essential to the population, including education, the basis for both the country’s competitiveness and for the improvement of living conditions of the current and future generations. We also integrate sustainability and attention to the environment into all our activities, assuring the country’s vitality in the long term.

In financial terms, the new environment represented the construction of new products, services and distribution channels, as well as the analysis of new ways of fundraising, both in the market and with still existing sources of low-cost institutional resources, such as those belonging to the FGTS. BNDES’s technical staff has been responding to the new challenges and opportunities by using its excellence and being increasingly open to dialogue and change, in a more transversal and flexible organization in which different talents can be used to attend to the clients in the best way possible. The Bank also continues to strengthen its governance, in cooperation with its Advisory Board and external control bodies.

All the changes the Bank has been conducting have come accompanied by the ability to maintain the institution's profitability, including, in some notable cases, capital gains. Although revenue from financial intermediation dropped in 2018, a net income of R$ 6.7 billion was recorded in the year. This is an 8.5% increase compared to 2017, mainly explained by the increase in the sale of corporate stakes, notably those held by BNDESPAR. The reduction of the credit portfolio continued, from R$ 560 billion to R$ 520 billion, due to clients’ prepayments and a more contained disbursement volume. As a result, it was possible to reduce the participation of National Treasury resources in the Bank’s financing sources, which fell from 48% to 38%.

The reduction in the loan portfolio and the valuation of the variable income portfolio resulted in our Basel index increasing from 27.5% at the end of 2017 to 29.0% in December 2018.

The transformations in BNDES continue in 2019. We will continue to be a strategic asset to support the development of the Brazilian economy, seeking to bring it to the technological and global efficiency frontier. For this purpose, innovation in companies, with new processes and products, will be increasingly important, and we want to capitalize the enormous human potential that exists in Brazil. With no more subsidized lines, BNDES is focusing on longer-term credit, investing in retaking its historic leadership in the preparation of infrastructure projects and privatization programs. We continue to support the improvement of corporate governance management to strengthen our capital markets.

Looking ahead, we will increasingly explore ways of supporting startups, the so-called industry 4.0, the increase in agricultural productivity and climate adaptation, and transforming sectors such as aerospace, natural gas, renewable energy, as well as those of the several life sciences. In all of them, the role of small and medium-sized enterprises will be valued, and attention to social and environmental impacts will be a priority. BNDES exists to be a catalyst for the private sector, supporting investment and competition.

This is another year in which we present an integrated report on our performance, a model that we started adopting in 2012 and which became mandatory under Law 13,303/2016 (the new Law of State-owned Companies). We consider that, since the integrated report involves all of the Bank’s areas in a collective effort to think about our performance, it allows us to reflect on how and where we add value, learning from the institution's successes and challenges, and creating opportunities for improvement.

We are grateful for the commitment and participation of all BNDES’s employees in our mission. We will strive to exceed our goals and meet the expectations of our diverse audiences with transparency and rigor.

We invite everyone to read this report. We are always open to suggestions and criticism, searching for a continuous improvement in our performance. Good reading!

Joaquim Levy
President of BNDES


Who are we?

We are the Brazilian Development Bank (BNDES), a federal public company linked to the Ministry of Economy, and the main instrument of the Federal Government for long-term financing and investment in the various segments of the Brazilian economy.

We operate throughout the national territory. Our official headquarters are in Brasilia (DF). However, more than 95% of our employees are in Rio de Janeiro (RJ), in our own building – Edserj, and in rented floors in the Ventura Corporate Towers building. We also have representation offices in São Paulo (SP) and Recife (PE). We have operated since 1952, and currently the institution is one of the largest development banks in the world.

The BNDES System is made up of three companies: BNDES and its subsidiaries – BNDES Participações S.A. (BNDESPAR), which operates in the capital market, and the Special Agency for Industrial Financing (FINAME), dedicated to the promotion of the production and marketing of machinery and equipment.

Our organization chart in 2018

Our team

We count on a committed staff, selected by public recruit examination, always in search of excellence, one of our principles, and the qualification necessary to fulfill our mission.

2.688 employees Female 35% e male 65% Up to 29 years old 2%, 30 to 50 years old 80%, more than 50 years old 18% Race: Asian 27, Black 44, Caucasian 2,177, Mulatto 353, not informed 81, Indigenous 6 Education: Basic education 1.6%, Secondary education 16.3%, Higher education 82.1% (834 with bachelor’s degree, 774 with master’s degree, 96 with doctorate degree) Operational Unity: 95,7% - Rio de Janeiro; 1,6% - São Paulo; 1,5% - Recife; 1,3% - Brasília

Our strategy

Map of strategic objectives



Productivity and connection between markets


Productive structure

Insertion of the country into the global and knowledge economy


Education, health and safety

Support for improving public services



Innovation and entrepreneurship


Capital market

Market development and investment crowding in



Support for transition to the green economy


Regional development

Regional potentialities for national development


Products and services focused on the client


Pricing, risk and requirements

Basic spreads differentiated per priorities


Channels and operations

Digitalization and channel diversification


Fundraising and securities

Fundraising in market/partnerships and issuance of securities



Securitization and continuous portfolio valuation


Public funding

Alignment with the Federal Government


Organization structure

More transversal and flexible organization, with more efficiency, productivity, cooperation and internal and external communication capacity


Management model and incentives

Career plans and incentives aligned with the strategy and goals with a more results-oriented culture



Capacity development and a culture that is more entrepreneurial and open to dialogue

How we create value

We acquired

financeiro Financial

R$ 18.0 BILLION in funds from FAT
R$ 2.1 BILLION in fundraising abroad
R$ 2.3 BILLION in internal fundraising
R$ 165.3 BILLION in return on credit operations

humano Human

2,688 employees
82% with undergraduate degree
63% with graduate degree

intelectual Intellectual

65.7 training hours per employee
4,415 participations in training

Having as

Institutional identity


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


Values Ethics, public principles and commitment to development.


Principles Transparency, effectiveness, dialogue, cooperation and the pursuit of excellence.


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


Vision for the future Being recognized as Brazil’s development bank due to its relevance and effectiveness.

Strategic guidelines




Productive structure


Education, health and safety




Capital market




Regional development

Products and services


Financing and credit








Support and sponsorship


Production of knowledge



financeiro Financial
R$ 6.7 BILLION in net earnings
R$ 5.2 BILLION in taxes
R$ 130 BILLION in advance payment to the National Treasury
intelectual Intellectual
30% more in investments in R&D by the companies supported (2005-2014)
1.8 MILLION of publication downloads from our digital library
719,100 man-hours supported in R&D
MORE THAN 3,000 studies performed
manufaturado Manufactured
5,500MW of electric power generation capacity delivered by supported projects
829,157 people to be benefited by sewage connections resulting from projects approved in 2018
natural Natural
2,450 t/day in capacity of treatment or adequate disposal of urban solid waste predicted
3,089 individuals trained to execute sustainable economic activities within the scope of the Amazon Fund

Our performance in 2018


R$ 69.3 billions disbursed in
308,280 operations with
152,887 clients (including individuals and corporate entities)
MSMES 45% of participation in total disbursements
50,000 new clients (approximate number of clients who did not receive funds between 2013 and 2017)
R$ 11.9 billion green economy
R$ 7.2 billion social development
Infrastructure 13% of increase in disbursements



We are committed to improving Brazilians’ quality of life, therefore, investing in infrastructure is our priority. In addition to improving people’s lives by allowing, for example, energy to reach their homes or sewage systems in their cities, the sector also has a direct influence on the integration of the country’s regions and on the competitiveness and productivity of companies. Our support for infrastructure can be provided through financing, corporate stakes and project debenture acquisition. We also assist federal, state and municipal governments in structuring privatization projects.

Environmental sanitation

In 2018, we supported the seventh issuance of debentures of Companhia de Saneamento do Paraná (Sanepar), in the total amount of R$ 239.6 million, with the objective of financing part of works of the network expansion, collection system and sewage connections. The investments will benefit a population of more than 411,000 inhabitants – 248,000 with access to the sewage network, and 163,000 to the water network – contemplating a set of 84 municipalities in the state of Paraná.

Torneira jorrando água
Photo: Shutterstock
Urban mobility

The year was marked by the completion of important projects, such as the Salvador and Lauro de Freitas subway system, which had its last station (Airport) inaugurated. As a result, it now has 20 stations, covering 32 km and connection with eight bus terminals. In Rio de Janeiro, the construction of the VLT Carioca on Marechal Floriano Avenue, the stretch that makes up the third line of the system and which is due to come on stream in 2019, was also completed in 2018. Another project with important deliveries in 2018 was São Paulo city’s subway. Six new stations of Line 5 were inaugurated, and only one of the 17 planned stations (Campo Belo station) is yet to be completed. The line has connection with Line 9 of CPTM and lines 1 and 2 of the subway, serving an average of 388,000 passengers per business day.

Metrô de São Paulo
Photo: ViaMobilidade – Divulgation
Transportation of ethanol and biofuels

We approved funding for the Logum’s system, the first dedicated to transporting ethanol and biofuels. It will connect the producing regions of the countryside of the states of São Paulo and Minas Gerais with the main consumer centers of the metropolitan areas of the cities of São Paulo and Rio de Janeiro, through the company’s and Petrobras’s ducts, operated by Transpetro. The project includes installation of approximately 481 km of ducts, as well as terminals in the cities of Uberaba (MG), Ribeirão Preto (SP) and Guarulhos (SP). The company predicts that the new ducts will replace 400,000 truck trips per year in the metropolitan region of the city of São Paulo, which will allow for a reduction in carbon dioxide emission equivalent to 700,000 tons per year.

Mapa da região Sudeste do Brasil
Image: Logum

In addition to land transport modalities, in 2018 we disbursed R$ 713.7 million for airports. We approved two new projects for the modernization and expansion of the national airport infrastructure – airports of Porto Alegre (eight million passengers/year) and Florianópolis (four million passengers/year) – with results expected in 2019. The new passenger terminal of the Jericoacoara Airport (CE) was inaugurated in 2018, which received our financing and now receives regular flights from Congonhas (SP), Viracopos (SP), Guarulhos (SP) and Confins (MG).

Aeroporto de Jeri
Photo: BNDES Collection/André Telles Fotografia

In the transmission segment, the great highlight in 2018 was our support for the implementation of the Xingu-Rio Terminal line, which represents the second bipole for transmission of the energy generated by the Belo Monte Hydroelectric Power Plant. With a total length of 2,534.6 km, the line connects the Xingu converter station, in Pará, with the Rio Terminal station in Rio de Janeiro, transmitting ultra high-voltage direct current energy. The project includes investments of R$ 8.5 billion, and R$ 5.2 billion of this amount will be financed by us. The first bipole, which connects the substations of Xingu (PA) and Estreito (MG), with 2,092 km of extension, also had BNDES financing and started commercial operation in December 2017.

Estação conversora Xingu
Photo: Xingu Power Transmitter Collection

A milestone in our operations in the electric power sector was the conclusion of the privatization process of six distributors controlled by Eletrobras in the states of Amazonas, Acre, Roraima, Rondônia, Piauí and Alagoas. As responsible for the execution and monitoring of these privatizations, we participated in the studies and regulatory discussions for project development, promoted the articulation with different actors involved, and executed the auctions and liquidation events in partnership with B3. Thus, we contributed to the following results: transfer of approximately R$ 9.3 billion in Eletrobras’s debts to the new controllers; exclusion of R$ 1 billion in debts that would be borne by consumers through tariff, to be assumed by the new concessionaires; initial investment of R$ 2.4 billion by the new concessionaires; and expectation of an investment of R$ 6.7 billion by the new controllers, reflecting positively on service quality.

Torres de energia
Photo: Shutterstock
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Productive structure

Our objective in supporting the Brazilian productive structure is to transform traditional business models, inserting the country into the global and knowledge economy. Our priority areas of action in this guideline are agribusiness, pharmaceutical industry and health industry, information and technology, creative economy and defense and aeronautics.

Creative economy

Our support for UP! Licensing is part of the consolidation strategy of the Brazilian audiovisual industry, which aims to make companies more competitive, including in the foreign market. The company is part of a group that sells products in more than 2,000 points of sale throughout Brazil and that owns the property rights of the personages of “Bubu and the Owls.” Based on an inverse logic, the company decided to develop an animation series after the success of the characters in the retail market, which is currently broadcast by Disney Channel and TV Cultura in Brazil, and Disney Junior and Playkids in Latin American countries. The project had our financial support for the business plan, contributing to maintain qualified professionals in the region of the state of Santa Catarina.

Imagem Up! Licensing – Corujinha Bubu
Image: Up! Licensing Collection
Cooperatives of family farmers

In August 2018, we launched, together with the state of Espírito Santo, a public call to support projects aimed at production, agro-industrialization, processing and marketing of projects of associations and cooperatives of family farmers, in order to qualify their productive structure. We also launched a public call in partnership with the National Union of Cooperatives for Family Farming and Solidarity Economy (Unicafes) to select projects with the objective of promoting the reduction of social inequalities, socio-productive inclusion and territorial development.

Agricultor fazendo colheita
Photo: Shutterstock
Electric vehicles

In 2018, we contracted two operations to support electric vehicle recharge network projects, in a total amount of R$ 6.7 million. The initiatives, selected through a public call launched in 2016, will receive nonreimbursable funds from BNDES Funtec. They will also have financial support from Embrapii, under a cooperation agreement signed with BNDES in 2017. The two projects are aimed at developing models of slow (eight to 16 hours), semi-fast (two to four hours) and fast (up to one hour) recharge station models that can be installed in residences, shopping malls, parking lots, petrol stations and highways.

Carro elétrico sendo carregado
Photo: Shutterstock
Consumer goods

With our financing, the Lunelli Group, which operates in the textile sector, was able to invest in fashion research, development and prototyping of products and actions to strengthen its brands. The investments were strategic for the group to increase its participation in the market in a moment of low performance of the textile sector in general. In addition, the resources allowed expansion of the production facility located in the city of Maracanaú (CE), guaranteeing the opening of 178 new jobs in the factory and allowing the reengineering of the unit’s processes and the expansion of the built area in 5,000 m² , destined to logistic activities.

Photo: BNDES Collection/André Telles Fotografia

In 2018, we disbursed R$ 4.2 billion for exports, with R$ 3.9 billion in the modality of post-shipment financing for the marketing of products and services, and R$ 267 million in pre-shipment operations to finance production of goods and services. The United States was the main recipient of these exports, and the main sector financed was aircraft manufacturing. In 2018, 46 out of the 90 commercial aircrafts delivered by Embraer were financed by BNDES, totaling US$ 966 million, which leveraged US$ 1.5 billion in exports of the aeronautics sector. The funding was allocated to four airlines in three countries: USA, Norway and the Republic of Belarus.

Avião no ar
Photo: Embraer Divulgation

In 2018, we adjusted BNDES Microcredit line to the rules of the National Program of Oriented Productive Microcredit (PNMPO), which allows us to be even more integrated with a public policy that, in addition to providing resources to lower-income microentrepreneurs, offers technical support for carrying out the activities of the projects. Silvana Melo da Rosa opened her own textile waste recycling business in the municipality of Ascurra (SC), and currently has eight employees in her shed. At the beginning of her project, she had only two employees, but with high demand, in a few months she needed to hire more people. Silvana has already used two credits from ICC BluSol, from BNDES Microcredit line funds, for construction of her shed and bathrooms, the purchase of fans and drinking fountains, etc.

Silvana Melo da Rosa sorrindo
Photo: BNDES Collection
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Education, health and safety

The social agenda is extremely relevant for the country’s development. Therefore, education, health and safety are strategic guidelines in our planning. We aim to increase the level of qualification and standards of work productivity, as well as improving health conditions and public safety for the Brazilian population.

Connected education

In 2018, we launched the public call “BNDES Connected Education – Implementation and Use of Digital Technologies in Education” with the purpose of selecting projects for the incorporation of technology into public education, in order to support – with nonreimbursable resources from the Social Fund – its adoption in primary and secondary schools of state and municipal networks, testing more effective models for its implementation. After technical analysis and draw, ten projects were selected out of the 26 presented, totaling a support of R$ 40.4 million. Six projects have already been approved (RS, TO, SE, PB, MG and GO), of which the first four are already contracted and predict impact in 269 schools, 105,000 students and 8,100 teachers. Another four (AP, BA, RR and PR) are waiting for budget availability from the Social Fund in 2019.

Tela chamada pública Educação Conectada
Image: Connected education

Since 2012, under an R$ 1.5 billion contract, we have financed Senai for investment in labor qualification and productivity and technological innovation in the domestic industry. In 2018, the disbursement totaled R$ 101 million. The investments comprise three fronts: technical and vocational education; technical and technological services for industry; and research, development and innovation for industry. These fronts are reflected in projects for the implantation, modernization and/or expansion of 19 Senai Institutes of Innovation, 35 Senai Institutes of Technology and 152 vocational training centers, in addition to the acquisition of 85 mobile units of technical education.

Homem com colete em frente à maquinário
Photo: BNDES Collection/André Telles Fotografia
Nature Museum

In December 2018, the Nature Museum was inaugurated in the Serra da Capivara National Park, in Piauí. Its construction received our nonrefundable support in the amount of R$ 13.7 million. The museum houses a collection of macrofauna fossils that would have inhabited the region and deals with climate change that occurred about 10,000 years ago on the site. Part of the collection is composed of species discovered in the region, while another part is formed by animals that today only exist in the Amazon biome.

Prédio do museu no meio da floresta
Photo: BNDES Collection/Rodrigo Negreiros
Dr. Jeser Amarante Faria Children’s Hospital (Joinville/SC)

Joinville Children’s Hospital is part of the public hospital network of the State Health Secretariat and is the first center already in operation of a group of five hospitals that are subject to expansion and modernization with our support. The hospital offers care for children and adolescents, and it is a reference for 25 municipalities in the Northern and Northeastern regions of the state of Santa Catarina, besides serving as a reference nucleus in various specialties for children and adolescents in the whole state. The services performed with funding resources included, among others, renovation and modernization of existing facilities, adaptation of the hospital to the requirements of the Fire Department, and creation of the hospitalization and psychiatric coexistence wings.

Photo: Shutterstock
Innovation in medicines

We supported the action plan of Nortec Química S.A. for the triennium 2018-2020, which covers the development of new products, including antidepressants, antiretroviral drugs and treatments for Parkinson's disease. In addition to investments in physical infrastructure and research and development laboratories, support for the company totaled R$ 26.3 million. Located in the city of Duque de Caxias (RJ), Nortec is the largest national manufacturer of active pharmaceutical inputs and an important Ministry of Health’s partner, providing active principles for the production of drugs for the treatment of AIDS, hepatitis C and some neglected diseases, such as Chagas disease and filariasis.

Tubos de ensaio
Photo: Nortec Collection
Prison system of the state of São Paulo

As part of the plan to adapt the infrastructure of the prison system in the state of São Paulo, we supported the construction of 12 prison units, including five women's penitentiaries, three temporary detention centers, three men’s penitentiaries and a penitentiary progression center. All units are ready, with the exception of one, still under construction. The Guariba Women's Penitentiary was inaugurated in March 2018, with a built area of 17,000 m², with capacity of 744 inmates in closed regime, as well as a ward of penitentiary progression, with capacity of 108 women.

Cela com grades
Photo: Shutterstock
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We encourage training and development of innovative environments, with the purpose of generating economic or social value and improving the competitive position of companies, contributing to the creation of better jobs, increasing productive efficiency, environmental sustainability, and growth.

Internet of Things

We have conducted over the last years an extensive study on the theme “Internet of things: an action plan for Brazil,” carried out in partnership with the Ministry of Science, Technology, Innovation and Communication (MCTIC). The year 2018 was marked by the conclusion of this work, defining the basis for a national plan and a strategy for implementing IoT in the country. As a first action aimed at implementation, in June 2018 we launched the BNDES IoT Pilots, a public call for the experimentation of IoT solutions for cities, health and rural environments. Fifteen out of fifty projects received were selected from all regions of the country for the internal analysis phase. For the industry, the fourth environment prioritized in the study, a partnership with Senai and Embrapii was established for nonreimbursable support directed at the innovation plans of Senai network’s institutes and technology centers for development of pilot projects.

Prédios conectados
Photo: Shutterstock
BNDES Garagem

In order to stimulate innovation and entrepreneurship as leverage for development, we launched in 2018 the BNDES Garagem project, which complements our traditional ways of support based on two initiatives. The Startup Development Program aims to support the development and growth of this type of business and the strengthening of the entrepreneurial ecosystem. The program offers training and qualification to entrepreneurs and emergent companies, with priority for those working in the areas of education, health, safety, financial solutions, creative economy, environment, blockchain and IoT technology. The second initiative is aimed at creating an innovation center that works as an innovative business development environment and a hub to connect the various agents of the ecosystem – startups, medium and large-sized companies, investors, universities and research centers.

Cartaz BNDES Garagem
Image: BNDES Garagem
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Capital market

In the scope of the Capital Market corporate project, we concluded the master plan, identifying the main shortcomings in the Brazilian capital market, potential opportunities and externalities, reorienting our performance in variable income and fixed income. We will support entrepreneurship and innovation with the creation of the BNDES Garagem program. We defined the direct investment strategy, in which we will act focused on scalable medium-sized enterprises or as an enabling agent (through anchoring of offers). We drew up a fund public call plan until 2023, in line with our strategic missions. Additionally, we have redefined our policy of incentives to debentures and identified financial solutions to be developed aimed at boosting this market.

Fibria-Suzano Operation

As co-operators of Fibria, together with Votorantim, we actively participated in the negotiation of the operation of combining the business of Suzano with those of Fibria. Through the operation, BNDESPAR received almost R$ 9 billion, in addition to Suzano’s shares, representing 5.5% of its capital. This operation generated profit of approximately R$ 5.5 billion, the highest profit in our history in an individual operation. The company resulting from the business combination between Fibria and Suzano is listed in the Novo Mercado, B3's top corporate governance segment. During the negotiations, we contributed to Suzano raising its corporate governance standards even further by adopting a policy of nominating independent directors, with stricter criteria than Novo Mercado. We also negotiated Suzano's commitment to maintain Fibria's social and environmental practices, a company that has always been a benchmark in the industry, listed in the Dow Jones Sustainability Index several times.

Pilha de papéis
Photo: Shutterstock

We sold our stake in Eletropaulo, an electric power distribution company in the state of São Paulo, for the amount of R$ 1.4 billion. The winner of the auction for the acquisition of the company’s shares – Enel Brasil Investimentos Sudeste S.A. – engaged to capitalize Eletropaulo at R$ 1.5 billion, as well as contributing with technical knowledge to solve the company's main problems, especially with regard to operational efficiency and quality of service rendered. We had shares in Eletropaulo's capital from the end of 2016, through BNDESPAR, and helped promote a series of governance improvement measures that culminated in the migration from Eletropaulo to the Novo Mercado in November 2017. Measures were also implemented to create a favorable environment to attract investors and unlock the company's value. Between 2016 and 2018, the asset appreciation was of the order of 300%, and the value of our shares jumped from R$ 350 million to R$ 1.4 billion. In the same period, Ibovespa had 30.5% appreciation, and the energy index, 16.3%.

Torres de energia
Photo: Shutterstock
Venture Debt Fund

We approved the first national venture debt fund in the year. The fund, which will be managed by SP Ventures, will provide credit to innovative small and medium-sized companies with revenue of a maximum of R$ 90 million. We can invest up to R$ 80 million. The remaining funds shall be raised with other investors, and the total equity expected for the fund is up to R$ 160 million.

Papéis com gráficos
Photo: Shutterstock
Equity investment funds

In December, we launched a multi-sectoral public call for up to eight equity investment funds (FIP), and up to four in each category: venture capital and private equity. The assets committed by BNDESPAR in the eight funds might reach R$ 2.2 billion. Through these investments, we seek to prioritize solutions in education, health, public safety and infrastructure, in line with our strategic planning.

Mãos digitando em uma calculadora
Photo: Shutterstock
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We support the migration of the country to the green economy, seeking to make Brazil prominent in this theme. In 2018, we reinforced our commitment to sustainability through strategic direction and operational action. The guidelines for a sustainable performance are defined in our social and environmental responsibility policy, which guides the integration of the social and environmental dimensions into our strategy, our policies and activities, and the relationship with our various audiences.

Social technologies

We launched, in partnership with the Banco do Brasil Foundation (FBB), a call for public selection of projects for reapplication of social technologies. The objective is to select projects that aim to promote the generation of work and income in any part of the country, based on new applications for existing social technologies. We have received 427 proposals, and 148 were approved in the first stage. The financial resources available should allow hiring the 11 best classified proposals. The other qualified proposals will compose reserve records, obeying the classification order obtained, for a period of 12 months from the publication of the final classification.

Mãos unidas
Photo: Shutterstock
Amazon Fund

In 2018, the Amazon Fund completed ten years of existence, consolidating itself as the main worldwide initiative of the payments system for results achieved in reducing deforestation. Donations received amounted to R$ 3.4 billion (94% from Norway, 5.6% from Germany, and 0.4% from Petrobras). In 2018 alone, Norway donated approximately R$ 272 million. In early 2018, we launched a new and more modern website, with new features that provide the user with easier access to all available information about the fund and projects supported. In 2018, 11 new projects were approved in the fund scope, among them the support for activities of environmental inspection and control of deforestation in the Legal Amazon by IBAMA, and the support for the consolidation of the Brazil nut production chain, and the strengthening of productive activities related to açaí, cassava flour and natural rubber in two indigenous lands and three extractive reserves in Rondônia.

Site do Fundo Amazônia
Image: Homepage of the Amazon Fund’s new website
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Regional development

Based on potential client identification methodologies and regional information, we started acting in a structured way to capture investment opportunities that activate the economic potential of the regions. A new business promotion department gathered existing regional departments (in Brasília, São Paulo and Recife), mobilizing their teams to identify and meet the investment demands of the productive bases of the various regions of the country. At the same time, it took charge of regional planning, working to systematize knowledge and perform analyses on local economic and social dynamics, so that they are continuously incorporated into the formulation and implementation of corporate strategy.

Dynamizing regions

Throughout the year, we actively participated in the elaboration of strategic agendas for the development of the North, Northeast and Central-West regions, under the coordination of the Ministry of National Integration (current Ministry of Regional Development), aimed at inserting the regional agenda in the process of preparing the PPA 2020-2023, following the objectives and sectoral axes of the National Policy for Regional Development (PNDR). The map on the side shows our contribution to dynamizing regions with lower economic density, in line with the Regional Policy and Strengthening of Cities Network (PDRC), which defines as priority territories those with per capita household income inferior to 75% of the national average.

PDRC territories disbursements
PDRC territories disbursements
Public management

Another financial support focused on territorial development is support for the municipalities’ public management through BNDES Pmat. Its objective is to enable a qualitative increase in management, generating an increase in tax revenue and/or a reduction in the cost of services to the community. Among the impacts observed by the implementation of the program, we can highlight the increase of municipalities’ tax revenue, reduction in the processing time of processes and provision of information for the citizen, including, in some cases, solutions of problems via web or applications for mobile devices. Currently, we have 56 BNDES Pmat operations in our portfolio. Together, such operations amount to approximately R$ 1.5 billion, among projects contracted, approved and those under analysis.

Close de uma mão escrevendo sobre gráfico com uma calculadora ao fundo
Photo: Shutterstock
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Governance, ethics and tranparency

Return of funds

Between 2008 and 2014, we received expressive funds from the National Treasury to perform our operations. From 2015, there was no more fundraising from this source and the return of these funds started. In 2018, we completed the payment of the remaining R$ 130 billion (R$ 30 billion in March, R$ 30 billion in June and R$ 70 billion in August) to make a total of R$ 180 billion officially requested from our Board of Directors by the National Treasury Secretariat in August 2017. In order to base the payment, several analyses were conducted, considering also the possibility of demands for new returns, such as extraordinary amortizations to the FAT and PIS-Pasep Fund.

Long-Term Rate (TLP)

In 2018, TLP entered into force, replacing the TJLP as the basis for the remuneration of FAT, PIS-Pasep, FMM and National Treasury contributions to the BNDES. The TLP is composed of a fixed portion, defined at contracting, and a variable portion, related to IPCA. The full transition will take place within five years. During this period, the difference in relation to the market rate will be progressively reduced.

Compliance with the law of state-owned companies

In 2018, the second and third cycles of the IG-Sest were carried out. The IG-Sest is an evaluation performed by Sest, linked to the Ministry of Economy, to measure compliance of federal companies with Law 13,303/16 (Law of State-owned Companies). We were among the 25 federal companies – considering public companies and mixed-capital companies – that obtained level 1 in corporate management, among the 54 evaluated. This result presents the best score among the four existing classification levels. The statutes of FINAME and BNDESPAR were updated to comply with the new law. It was also necessary to edit, through public bidding, the Divestiture Regulation of the assets owned by the companies that are members of the BNDES System.

Ethics and integrity

We promoted the 3rd BNDES Week of Ethics and Integrity to celebrate the International Anti-Corruption Day – December 9. Aiming to stimulate the culture of integrity, the week covered the following initiatives: customized corporate game for BNDES in ethics and integrity; online training related to the “Conduct and Integrity Guide,” mandatory for all employees and related to the Anti-Corruption Law and on operational risk and internal control for our senior management; and publication on our website of the document “Ethics and Integrity – 10 BNDES Relationship Guidelines,” which synthesizes the conduct to be observed by third parties – especially clients and suppliers – in the relationship with the Bank.

Results of 2017 CPI

The Parliamentary Inquiry Commission (CPI) set up in the Senate with the objective of investigating the financing granted under the internationalization program of national companies, as well as operations aimed at supporting public administration, was completed in March 2018 without finding any evidence of fraud or wrongful act related to the Bank. Its final report presents five recommendations. Among the measures taken to meet them are the approval of resolution that regulates the guidelines for use transfer fund tranches as collateral in operations with public entities and for forecasting the guarantee of the Union in favor of BNDES; and the publication of an AGU opinion, approved by the Presidency of the Republic, which deals with the possibility of linking revenues from transfers of funds from participation in credit operations to public entities and federal financial institutions.

Fair Finance Guide

For the first time, we participated in the Guia dos Bancos Responsáveis (Fair Finance Guide), a project of the Brazilian Institute for Consumer Protection (Idec), which annually evaluates the social and environmental policies and guidelines of the largest Brazilian banks. We obtained the best result among the nine banks analyzed and the best result ever presented by any participant since the beginning of the initiative, which is in its 7th edition. The main highlight was our score in Financial Inclusion, where we reached 8.8, due to our actions in microcredit and actions against extreme poverty. We have also been highlighted in the Corruption theme by addressing issues related to the subject in our OPs and maintaining a consistent integrity program. In the Transparency and Accountability theme, we reached the score of 6.8, while the average of the other banks was 2.5.


In order to increase our transparency, we implemented improvements on the website and conducted a consultation with the company, in partnership with TCU, to receive suggestions regarding the disclosure of data related to our financing and contributions in companies. We verified the possibility of implementing 74% of the 100 items suggested in the 57 contributions received. Throughout the year, the main portal advances were: unification of the operational statistics in the same interactive panel, offering more search filters; publication of the amount disbursed, client size, source of financing resources, contract status, degree of innovation and financial instrument, for fixed income financing; and disclosure of divestments in companies, remuneration and market value of the portfolio, for variable income operations.


In 2018, we approved the macroprocess that formalizes the Effectiveness Promotion System (SPE) and represents the coordination of all our efforts in this field. Inspired by international best practices, the SPE operates in three layers. As part of the Effectiveness corporate project, we deploy our vision and our strategic missions in indicators and effectiveness goals, connecting the Bank's objectives to the country's main development challenges. In 2018, we conducted studies on the effectiveness of our performance related to our local content policy; to the BNDES Exim Post-shipment line; to the impact of the construction of wind power plants; to the BNDES Card and to our support for innovation.

Risk management

Throughout 2018, we improved the monitoring of action plans to mitigate the most relevant operational risks and intensified the monitoring of the 15 largest risks (by value at risk) with a quarterly status report to the Auditing Committee and to the Advisory Board. We observed, during the year, the gradual reduction of the concentration of our credit portfolio. However, more rigorous regulatory concentration limits came into effect on January, 2019 (CMN resolutions 4,677/2018 and 4,678/2018), which will require a new effort to reduce concentration in the coming years. In 2018, the credit portfolio balance kept on being reduced, with a rise in default, which was reflected in the increase in provision for credit risk.

Our relationships


  • 985 corporate assistance contacts
  • About 245,000 contacts via Call Center
  • About 5,000 people assisted in business fairs
  • 2,086 people attended the lecture cycle O BNDES Mais Perto de Você (BNDES Closer to You)


  • 559 requests for information via Citizen Information Service (SIC) – all answered within legal deadlines
  • 1,786 demands received and treated via the Ombudsperson’s Office
  • 5.1 million visits to our website
  • Increase of 138% in the number of subscribers on YouTube
  • Increase of 86% in the number of LinkedIn subscribers
  • 31,380 visitors at Espaço Cultural BNDES


  • 1,259 requests from media channels answered
  • 90,572 articles in the press mentioning BNDES
  • 316 press releases, notes, statements and agenda announcements published
  • Launch of the BNDES News Agency

public administration

  • Participation in various activities with the Federal Executive Branch, to support the formulation and execution of policies and actions
  • 236 legislative proposals monitored, such as tax reform, the creation of the mechanism of operation of the equity funds and the use of TLP rate also for constitutional funds
  • Promotion of several actions together with the control bodies, such as public consultation on transparency with TCU and technical cooperation agreement to promote the exchange of information with CGU

investors and partners

  • Contact with more than 150 international investors, in meetings and congresses in the USA and Europe
  • 11 training classes held for financial agents
  • Participation of about 330 representatives in forums with the financial agents
  • Signing of technical cooperation agreements with Sebrae and Fecomércio-SP

academia and opinion leaders

  • About 600,000 hits to the Digital Library
  • 1.8 million downloads in the Digital Library
  • More than 3,000 studies performed
  • 2,500 subscribers to the Development Blog newsletter
  • 21 institutional presentations for a public of 563 visitors from delegations and group of students

In total, our advertising activities represented an investment of approximately R$ 40 million in 2018. This represents 0.26% of our gross operating revenue (ROB) in 2017. There were two main campaigns: one focused on the BNDES Giro credit line and the other, the institutional campaign “There is BNDES”, focused on increased knowledge of BNDES and to legitimize our role as a development bank.


In 2018, we sponsored 13 projects in total, an investment of R$ 4,420,800, with about 1.5 million people directly impacted. In sports, we disbursed R$ 2 million to the project to support the participation of speed, slalom and parachute canoeing teams in international competitions. The investments in technical-scientific events totaled R$ 5.8 million, in 47 projects, such as congresses and fairs. The educational segment received R$ 2.5 million to support the actions of the Biennial of Mathematics.

Challenges and vision for the future


In recent years, we have experienced a drop in demand for our resources. To a large extent, this drop reflects the very reduction of investments in the economy, but not only that. Deep changes began to take place in the environment in which we are inserted – from changes in financial conditions, such as the convergence of rates charged by BNDES with market rates, to the reduction of public funding availability, among others. In addition to financial issues, there are those of a more structural nature, such as population aging; the sustainability agenda, in which Brazil can be a protagonist, and disruptive technological advances, with far-reaching consequences on employment and professional qualification.


As a development bank, an active agent of transformation that anticipates and supports promising futures and promotes best practices, our work goes far beyond merely providing financial support, serving the Brazilian society. It is up to us to understand the dynamics of transformation and its impact on our clients, as well as implementing the necessary changes in our business model, reviewing processes, product portfolio, and even internal competencies. That is why BNDES is on the move. We are transforming ourselves internally to help the country’s transformation and to be a relevant agent of development, whatever the scenarios. Our transformation involves assuming the business-promoting posture even more effectively; creating new products to respond to the needs of different client segments; and to develop and support projects that increase productivity and connection between markets, making new business possible for the country.


We are transforming ourselves to better pursue our purpose of transforming the lives of generations of Brazilians, promoting sustainable development. Working to make Brazil a developed country is our vision, our desire, what inspires us: to promote greater income growth, with reduction of inequalities and improvement of the Brazilian population’s standard of living, in a sustainable way. The construction of Brazil’s future counts on a bank that is enthusiastic in supporting the formulation of public policies, competent in structuring projects, and driven by the mission of making financial solutions feasible, both with its products and with solid partnerships. Besides, we have the deep-rooted commitment to clearly communicate such actions through a continuous dialogue with society.