BNDES - Annual Report 2020


BNDES - Annual Report 2020

Understand how BNDES works and get to know the main results it has delivered to society in 2020 by browsing this hotsite

Download the FULL PDF here


On this REPORT

In our Annual Report 2020, we present our strategy, our way of working, and our performance in 2020.

We seek to show how we create value in the short, medium and long term, for the entire Brazilian society, in a sustainable and socially responsible manner. For this, we follow the integrated reporting model of the International Integrated Report Council (IIRC) and the Global Reporting Initiative (GRI) standards, as well as the requirements of the Federal Court of Accounts (TCU).

The 2020 edition of our Annual Report was approved by the BNDES System’s Executive Directors on May 6 2021 and by its Board of Directors on May 28 2021.

Watch our 2020 Annual Report video highlights below:


Messages from the ADMINISTRATION

Messages from the Board of Directors

The year 2020 will be marked by the spread of COVID-19 and the challenges it has imposed on essential aspects of our lives. In Brazil, as in other countries in the world, the fight against the pandemic involved the commitment of all, requiring the participation of governments, companies and individuals in the search for solutions to deal with this new reality.

The crisis highlighted, once again, the BNDES’ capacity to act in a countercyclical manner, responding to the urgent needs of the country and the population. The Bank's importance for expanding credit, especially for micro-, small- and medium-sized enterprises (MSME), and for the maintenance of jobs and income has gained prominence, showing that the institution makes a difference in the life of the population.

This social and also environmental impact – if we think, for example, of investment in sanitation, renewable energies or forest preservation – has always been at the core of the BNDES’ mission. Increasingly, this impact guides and serves as a standard for any and all initiatives of the Bank. In line with the environmental, social and governance principles, the institution evolves in the pursuit of effectiveness, that is, in delivering results with a direct positive impact for Brazilians.

In this sense, the future of the BNDES already seems to be well planned. It considers traditional sectors in which the Bank operates, such as infrastructure and the productive sector, albeit from a renewed perspective as to sustainability, the transition to a low-carbon economy, and the digital transformation. It comprises activities in education, health and security, always focusing on improving public services provided to the population and the efficiency of public administration.

It is a path aimed at socioenvironmental impact and that also includes an expansion of the modes of operation of the institution. In a movement that is already underway, the Bank will continue to diversify its operations beyond credit, standing out in the structuring of projects, in the granting of guarantees, in investments in funds and in the issuance of green bonds, just to mention a few examples. Concurrently, the granting of credit will gain scope and outreach through the digital transformation of the Bank and the development of new solutions in partnership with financial agents and fintech companies. This brings the BNDES increasingly closer to MSMEs and entrepreneurs, leveraging the institution's impact on job and income generation.

Partnerships with other institutions, such as international funds and multilateral banks or development finance institutions, will constitute another important step in this path. They point to the need of considering joint efforts and the composition of resources to guarantee more effective and lasting results for the Bank's operation, while also aligning itself with the concern over financial sustainability. In this context, the growing worldwide interest in sustainable investment implies a very favorable prospect for the BNDES to become a catalyst for investments for the country.

As representatives of the highest governance body at the BNDES, we reinforce our commitment to this vision for the future and to the strategy planned to accomplish it over the next years. The challenges imposed by the pandemic persist, and we know that 2021 will again demand effective responses from the Bank so Brazil can resume a trajectory of economic growth based on sustainability.

We invite the readers to learn about the path followed by the BNDES in 2020 and the strategic agendas for the future, presented in a complete and integrated manner in this report. It is part of our commitment to transparency and more direct communication with society.

Board of Directors

Gustavo Montezano, Presidente do BNDES

Message from the President

A 2020 with a focus on Brazil and Brazilians

In the intense and challenging year of 2020, the BNDES’ operation was based on disruption, innovation, transparency and purpose.

The COVID-19 pandemic showed us the importance of knowing how to navigate the unknown. Flexibility and innovation have become attributes of great value to companies, governments and society.

The challenge was even greater for the BNDES, which, just over a year ago, faced reputational and strategic issues. Typical issues of long-lived institutions, which, depending on how they are treated, can be an opportunity to make an organization even stronger, more alive and permanent. And so we did.

The BNDES turned to its values and its purpose to strengthen itself and plunge into this unknown future, seeking to improve the lives of Brazilians, especially those in poor conditions.

Faced with the pandemic, our team adapted quickly and creatively: squads, which are multidisciplinary teams crossing hierarchies and valuing knowledge networks, emerged spontaneously, forming transversal working groups. All of this working in home office.

Regarding strategy, the Bank has consolidated itself as an institution with multiple products and services. A private sector collaborator and supporter, working to complement it. This strategic movement proved right, for example, with the formation of a bank syndicate to support the electricity sector with R$ 16 billion through COVID-Account.

The difficulty of micro-, small- and medium-sized enterprises (MSME) to obtain financing, which has always been a structural issue in Brazil, became even more critical in 2020. The BNDES had to respond to the business society's wishes for credit. It managed, in a short time, to digest, understand and react to the new unknown conjuncture, choosing to focus efforts on MSMEs.

In addition to several countercyclical credit measures, it launched the FGI PEAC, built in conjunction with the Ministry of Economy, the National Congress, business associations, the financial sector and companies. This guarantee instrument, innovative on such a large scale in Brazil, contributed to mitigate the risk perceived by financial institutions in supporting MSMEs, enabling them to access credit and remain active. There were more than R$ 90 billion in credits provided by the guarantees included in the program.

The purpose of supporting those most in need also resulted in a direct action, called Matchfunding Saving Lives, through which, for one each real donated by society, the BNDES donated another one real. The result was one of the largest crowdfunding in history, which raised R$ 79.1 million for hospitals of the Santa Casa da Misericórdia charity in practically all states in Brazil. It was an act of solidarity and communion of purpose between twenty companies and more than five hundred individuals, which inspires us to do more.

We ended 2020 with more than R$ 200 billion in support to Brazilians (R$ 64.9 billion in disbursements from the Bank, in addition to other emergency actions), contributing to create or maintain 4.7 million jobs. More than 460,000 MSMEs and individuals were supported by credit and guarantee operations. We achieved a large portion of our goals for the year, adjusting our strategy according to the new reality.

We would not have reached such level had it not been for the Ministry of Economy's decision of suspending extraordinary returns from the BNDES to the National Treasury, scheduled for 2020, and of directing the concentration of efforts to countercyclical actions and economic recovery.

The BNDES also sold, in the year, approximately R$ 45.4 billion in shares issued by large companies. We reduced our degree of exposure to the market and reallocated resources in other activities that are strategic for the country's development. Such divestments strengthen our financial capacity, contributing to maintain a stable and solid development bank and to reach a record net profit of R$ 20.7 billion.

This stable, solid and reliable development bank is the keystone of the agenda for the future proposed by the BNDES. The availability of resources is not currently the main bottleneck for our development. Our greatest need is for good projects: good modeling, mature environmental analysis, engineering plans, concession contracts, adaptation to the control bodies, and adequate financial parameterization.

In 2020, we consolidated our institution as possibly the largest project structuring bank in Brazil in per capita terms, with more than one hundred mandated projects with investment potential of R$ 200 billion. This robust project factory had its first concrete results observed in auctions for public lighting, basic sanitation and electricity distribution.

The focus on socioenvironmental impact has also been greatly enhanced within the BNDES. The Bank's already traditional work in this sector has gained more strength, anticipating environmental, social and governance (ESG) issues. As a result, the Bank became more open to external relationships, intensifying its care for the environment and society.

Transparency, honesty and openness continued in 2020. The BNDES Aberto has become a proactive culture of providing information, for the desire to explain and elucidate. All of these efforts led to the recognition by Brazil’s Federal Court of Accounts that the BNDES is the federal state-owned company with the best level of informational transparency on its corporate website.

Our Board of Directors also received renowned members who reinforced the Bank's commitment to society, transparency and corporate governance.

All the above is reported in this document, whose integrity I assure. Our annual report is the result of collective thinking, which involved all areas and several decision-making bodies of the BNDES, in addition to an external consultation to map material issues. The document follows the model of integrated reporting and the Global Reporting Initiative (GRI). It is also our management report.

In 2021, Brazilian society can rely on a BNDES that is even more prepared to meet its wishes, to always operate where it is needed the most. We will focus on executing the already contracted portfolio of the project factory, coordinating efforts and resources to improve public services. We will induce the credit market through project finance and co-financing, improving corporate governance and increasing our range of operations, assuming project risk. We will pay special attention to MSMEs, which account for more than 50% of jobs in the country, but still face major credit restrictions. We will continue our divestment strategy, with the aim of aligning our portfolio to the purpose of a development bank, repositioning investment activities for businesses of socioenvironmental impact. We will lead the environmental, social and governance process in Brazil, generating business opportunities to induce customers to benefit from sustainability, favoring the country’s competitiveness. With a sense of purpose, acting collaboratively and innovatively, we will seek to continue a transformational action, with great impact for Brazil.

Gustavo Montezano
President of the BNDES



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 have operated since 1952, and are currently 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.

We operate throughout the national territory from our main office in Rio de Janeiro (RJ), where our activities are concentrated, from our official headquarters in Brasilia (DF) and from representation offices in São Paulo (SP) and Recife (PE).


We are 2,518 employees committed with the Brazilian development and always in search of excellence..

2,518 employees
23 assigned to public institutions
37 temporarily allocated by cooperation agreement
81 on unpaid leave



According to Law No. 13,303/2016, each year we update our long-term strategy, conduct risk and opportunity analyses for, at least, the next five years, and define our business plan for the following year

The BNDES’ strategic map was revised in May and December 2020. Because of the emergence of the COVID-19 pandemic, in early 2020, we included the theme “Emergency countercyclical” in our transversal missions. At year-end 2020, there was a new revision, ending the division of the missions into sectoral and transversal missions. Other important changes were the merging of the missions “Education, health and security” and “Sustainability” in the “Socioenvironmental” mission; and the incorporation of the mission “Privatization” in the mission “State modernization and territorial development”.

The first level of the map presents our missions and their strategic objectives. The second level refers to internal processes and corporate institutional objectives – what needs to be conducted internally to achieve the development missions. At the base of the map, supporting the strategy, are people and information technology (IT) resources. Our missions are associated with the Sustainable Development Goals (SDG) and the axes of the Federal Development Strategy.

STRATEGIC MAP (December 2020)


Mission: Develop and support projects to increase productivity, expand access and promote integrated and sustainable infrastructure
SDG: 1, 6, 7, 9, 11
EFD Axes: Infrastructural, Economic and Environmental
Production structure
Mission: Support increase in productivity, competitiveness and employment, integrating innovation, exports, entrepreneurship and sustainability
SDG: 2, 8, 9, 10, 12, 17
EFD Axes: Economic, Environmental and Social
Mission: Structure and propagate impactful socioenvironmental initiatives, leveraging private sector resources and improving quality and efficiency in service provision
SDG: 1, 2, 3, 4, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17
EFD Axes: Infrastructural, Economic, Environmental and Social
Mission: Promote entrepreneurship, increase in productivity and the transition to the knowledge economy and digital society
SDG: 8, 9, 15, 16
EFD Axes: Economic, Environmental and Social
Capital market development
Mission: Foster the development of the capital market
SDG: 5, 8, 9, 10, 13, 17
EFD Axes: Economic, Environmental and Social
State modernization and territorial development
Mission: Promote efficiency in the public sector and reduction of territorial inequalities
SDG: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 13, 16, 17
EFD Axes: Economic, Institutional and Social
Emergency countercyclical
Mission: Act in a timely manner to maintain jobs and businesses and in a structuring manner to enable the recovery of the economy
SDG: 8
EFD Axes: Economic and Social


Solutions for the client
Communicating with current and potential clients for the continuous development of solutions, improving their experience
Integrated risk management
Creating new risk pricing methodologies and improving existing ones to allow the development of more impactful projects for the country, managing risks in an integrated manner
Financial management of assets and liabilities
Providing financial resources and business conditions that are compatible with the promotion of the country’s development, maintaining the financial and equity balance
Streamlining processes and standards
Standardizing, simplifying and digitalizing processes
Partnerships and dialogue
Promote partnerships and dialogue to stimulate the country's development


Facilitating business generation through digitalization by consolidating channels and integrating digital processes, from the front office to the back office
Making the organization more transversal, agile and flexible, with more efficiency, productivity, cooperation and internal and external communication skills


How we create VALUE



R$ 17.8 billion
in funds from FAT
R$ 48.6 billion
in inputs originating from variable income portfolio
R$ 22 billion
made available by the Federal Government for transfer to programs to deal with the effects of the COVID-19 pandemic
R$ 10.3 billion
in internal and external fundraising
R$ 109.3 billion
in return on credit operations


with undergraduate degree
68% with graduate degree


of training
per employee
in training
+ than 50
monitored with satellite images


+ than 8 million
visits to our website in the year
views of online events
+ than 400
legislative proposals monitored
demands received and handled by the Ombudsperson’s Office




Transforming the lives of generations of Brazilians by promoting sustainable development.


Ethics, public spirit and commitment to development.


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


Facilitating solutions that contribute with investments for the sustainable development of the Brazilian nation.


Being the Brazilian sustainable development bank.

Strategic Missions

Production structure
Capital market development
State modernization and territorial development
Emergency countercyclical


Financing and credit
Nonreimbursable support
Production of knowledge


Control and supervision body
Internal public
Financial agents



R$ 20.7 billion
in net earnings
R$ 12.5 billion
in paid taxes
R$ 22.7 billion
in divestments in corporate stakes


12,864 m3/day
planned increase in industrial wastewater treatment capacity
1.7 million m3
planned increase in landfill capacity


78% of employees
are proud to tell other people that they work at the BNDES
turnover rate


1.3 million
accesses to the BNDES digital library
38 new studies/reports
disclosed for the dissemination of knowledge and transparency


1,251 km
carried out expansion in the natural gas distribution network
planned new access points to fixed broadband services (people connected)
1.4 GW
planned increase in renewable energy generation capacity


4.7 million
jobs generated or maintained by supported fixed investments and jobs associated with the emergency measures
students will benefit from support to elementary and vocational education by projects approved in 2020
people will benefit from water supply network or expansion of water treatment
MSMEs supported through credit and guarantee operations



R$ 64.9 billion disbursed
223,774 operations
133,765 clients
38% of disbursements to infrastructure
52.5% of disbursements to MSMEs
98.3% of operations with MSMEs
R$ 6.0 billion disbursed to social development
R$ 7.4 billion disbursed to green economy
R$ 154 billion into the Brazilian economy with emergency measures


The material themes are those considered the most relevant in the year in relation to their social and environmental impact and to their capacity to generate value for the institution. They were defined after a survey carried out with different stakeholders and consultation with our superintendents and Executive Board.

Emergency measures

As a development bank, with an important countercyclical role, we worked in coordination with the Federal Government to mitigate the effects of this crisis on Brazilian society. We offered a wide range of credit solutions for the most affected segments, as MSMEs, health sectors, companies in segments particularly affected by the recession, and subnational entities and firms that might have difficulty meeting their debt services and previously contracted commitments.

Privatization and project structuring

In 2020, we consolidated our operation as a service bank and project factory with the formation of a project portfolio and the establishment of governance, processes and systems. We ended 2020 with 121 assets mandated in our project portfolio, which will require private investments of R$ 223 billion, in addition to 24 state-owned companies to be privatized, in various sectors.


As a development bank, we seek to be an inducer of market practices and a hub of debate for new sustainability standards. To this end, we have operational policies with differentiated conditions for investments that are sustainable or that contribute to the transition to a low-carbon economy. In 2020, we reformulated our socioenvironmental questionnaires for clients and financial agents; validated a new socioenvironmental risk classification (ABC) methodology; and launched new products such as sustainable debentures, Finame Low Carbon and BNDES RenovaBio.


The main goals of our divestments strategy are to reduce the concentration of our portfolio in mature companies and to relocate resources and risks in projects with great social impact. In 2020, our divestments in corporate stakes totaled, in sales revenue, R$ 45.4 billion in the year, mainly resulting from the sale of shares in Petrobras, Vale and Suzano.


In 2020, we made changes to our bylaws based on the model governance bylaws for state-owned companies launched by the Secretariat of Coordination and Governance of State-owned Entreprises (SEST). It is worth mentioning: (i) the reorganization of the article that deals with our corporate purpose, to provide greater visibility to activities such as the provision of guarantees; (ii) the revision of the approval authority for some activities; and (iii) the exclusion of the limitation that prevented BNDES and its sole shareholder from fully having the option of distributing dividends as interest payments on equity. Our new bylaws were approved by the Central Bank of Brazil (BCB) on March 2021.

Projects Highlights






CHALLENGES and vision for the future

The main current challenge, in Brazil and worldwide, is to combat the COVID-19 pandemic. As a development bank, we act in an important countercyclical and emergency manner to cushion the negative economic and social impacts of the pandemic. As in 2020, we must continue to mobilize efforts in the areas of health, both in the short term, supporting measures to combat COVID-19, and in the medium and long term, concentrating actions on improving the health system aimed at other diseases.

In the global context, the efforts to reduce the impacts on climate change and, specially, to meet the UN’s SDGs are of great importance. This is why, in our strategic planning, we relate our agendas to each of the 17 SDGs. In the internal scenario, we need to invest in infrastructure. For the country to reach a capital stock closer to the average of the main world economies (70%), the rate of investment in infrastructure would have to increase to 4.2% of GDP and remain at that level for at least two decades.

Our vision is “being the Brazilian Sustainable Development Bank.” To achieve this, our ongoing challenge, besides initiatives such as those listed above, is to ensure the transparency of our actions, to promote partnerships with other institutions, and to have a meaningful dialogue with society. These attitudes are essential to improve our performance and be a bank even more at the service of the population today and in the future.