BNDES | Annual Report 2021

Selo BNDES 70 anos
Annual Report 2021

About this report

Our 2021 Annual Report presents our strategic guidelines, our form of work and our performance in 2021.

We seek to generate value in the short, medium and long term for the entire Brazilian society, in a sustainable and socially responsible way. For this, we follow the integrated report model, from the Value Reporting Foundation, and the sustainability report standard, from the Global Reporting Initiative (GRI), as well as the requirements of accountability of the Federal Court of Accounts (TCU).

The 2021 edition of the Annual Report was approved by the Executive Board on May 12, 2022 and by the Board of Directors on May 20, 2022.

Messages from administration

Message from the Board of Directors

For the second consecutive year, the COVID-19 pandemic was the focus of concerns raised both in Brazil and worldwide. In 2021, significant advances were made in addressing the challenges posed by the pandemic, which made it possible to reduce the number of deaths caused by the disease. However, the struggle to manage new variants of the COVID-19 virus continues to challenge essential aspects of our lives.

The year was also marked by the resumption of economic growth. In Brazil, the level reached by gross domestic product (GDP) was slightly higher than pre-pandemic, more than compensating for the decrease seen during the previous year. The BNDES was able to influence these results, whether through the impact of the credit it provides, or the products delivered by its project factory, which contributed to the restoration of investments.

Given the context that emerged in recent years, climate change is a growing risk. Economic growth must be aligned with efforts to limit and stabilize the temperature of the planet and promote the fulfillment of the sustainable development goals (SDGs) agreed upon by Brazil and the remaining member States of the United Nations (UN).

More than just an ethical concern, sustainable development is fundamental to the success and continuity of companies’ business activities, bringing to light issues related to climate change, efficient management of natural resources such as water, supply chain management, relationship with workers and building of a corporate culture that generates confidence and promotes innovation.

As seen during the pandemic, development banks are fundamental in responding to emergencies and are at the forefront of identifying challenges and obstacles to economic growth, as well as seeking out solutions for improving quality of life and addressing climate change.

Strategic planning has defined the BNDES’ vision as to be the Brazilian sustainable development bank. The institution’s missions are primarily related to the SDGs. Support for micro-, small- and medium-sized enterprises (MSMEs), for example, aims to provide jobs, productivity, and competitiveness, thereby contributing to promote “decent work and economic growth” and “reduced inequalities”. Stimulating basic education and professional qualifications, which is part of the Bank’s education agenda, is a well-established means of reducing poverty. Themes such as building resilient infrastructure, promoting inclusive and sustainable industrialization and fostering innovation remain relevant parts of the institution’s strategy.

The BNDES’ missions are also aligned with the transition to a low-carbon economy and are focused on expanding renewable energies, developing the carbon market, and providing support for operations in productive sectors that have a positive impact on the environment. In the area of sanitation, the Bank has been working with the Brazilian federal government and subnational entities in order to create mechanisms and channel both public and private resources in order to bolster investment in areas of low viability. In sectors such as urban solid waste and urban mobility, which are essential to building sustainable cities and communities, the institution has also contributed to the structuring of projects, making up for a historical shortfall.

The Bank’s great capacity for communication – which allows it to implement coordinated actions with the different spheres of government, other financial institutions, international funds, and multilateral organizations – greatly enhances its performance. These partnerships increase the availability of funding and promote the sharing of risks. As a result, the institution is also gaining importance within the international context as a catalyst for actions aimed at sustainable development.

This movement is complemented by the diversification in the BNDES’ solutions and forms of action, with emphasis, in addition to credit, to the structuring of projects, the granting of guarantees, the investments in funds and the issuing of green bonds. In a concurrent fashion, digital transformation and the development of solutions in partnership with financial agents and fintechs have brought the institution closer to MSMEs and entrepreneurs, with direct impact on the generation of employment and income.

Assessment of these and future actions implemented by the Bank demonstrating its results and impacts on Brazilian society is fundamental, and this report is a means of providing transparency with regards to these initiatives.

As the highest body of governance of the BNDES, we are reinforcing our commitment to the strategy that has been put into place and the vision in which the BNDES is “the Brazilian sustainable development bank”. We therefore wish to invite readers to learn more about the path that the BNDES has taken in 2021, the details of which are provided in the discussion of objectives and strategic actions presented in this publication. This report is part of our commitment to providing transparency and increasing direct communication with society.

Board of Directors

Gustavo Montezano, Presidente do BNDES

Message from the President

The year of 2021 was marked by economic recovery in the midst of this new global scenario in which disruptive events have increasingly become a routine part of life. This was the moment in which we could truly see the results of the efforts initiated in the previous year, as well as the consolidation of a strategy that seeks to expand the portfolio of solutions that the BNDES offers to society.

Sense of urgency, collaboration and impact: we are investing on truly new financial and technological developments, that have to date remained relatively unexplored within our financial system. We have added more tools and channels allowing the BNDES to express its true purpose: to lead and foster a structured and balanced transition within our economy, leaving no one behind.

In this context, we are moving forward in line with commitments made under the UN Global Compact and the ten universal principles proposed for the areas of human rights, labor, environment and anti-corruption measures. We can and will work in an increasingly open and innovative manner, transforming this institution in Brazil’s main sustainable development ecosystem, in addition to seeking out new markets and opportunities.

ESG WINDS - History will remember this period as being the point at which the urgency of socioenvironmental issues and disruptions in the adoption of new technologies converged. The moment at which social support networks were solidified through the exponential acceleration of the socioenvironmental revolution. A veritable explosion of opportunities rooted in the ESG philosophy in which Brazil is a protagonist by nature.

This was the direction that our strategic agenda took in 2021. We consolidated our forest conservation and recovery programs, including Floresta Viva, positioning the BNDES not as a mere monopolist seeking a good cause, but rather a partner agent stimulating initiatives along with the market. This is a step not limited to philanthropy, that also includes exploring new possibilities of return in projects aimed at the protection, measurement, and commercialization of intangible assets, such as Payment for Environmental Services (PSA).

We also placed the Bank on the list of financial institutions that participated in COP26, held in Glasgow. At the summit, we collaborated to position the government of Brazil at the forefront of advancing the regulation for a unified carbon credit market.

A unified and global approach to solutions for reducing gas emissions throughout the entire planet is an essential part of the BNDES’ strategy alongside its international partners.

MSMES - Throughout the year, the support for micro-, small- and medium-sized enterprises (MSMEs) was a major focus of our agenda, rooted in the following objectives: (i) expansion of our distribution network, which today includes more than sixty agents through means of partnerships with cooperatives, regional banks, fintechs and niche banks, in addition to commercial banks; (ii) development of alternative instruments such as innovation funds, venture capital, and guarantee funds that increase the allocation of the Bank’s resources on the last mile of MSMEs’ risk.

More than 129,000 MSMEs and individuals were supported through credit and guarantee operations. We fulfilled the majority of our objectives for the year, strengthening and structuring our activities to further increase our impact in terms of generating sustainable development.

Emergency measures adopted during the COVID-19 pandemic, such as the Emergency Credit Access Program (FGI-PEAC), which fueled our economy with R$ 92 billion in credit for MSMEs, also demonstrated the relevance of the guarantee funds for this niche market. These initiatives taught us important lessons that suggest that the perpetuation of these tools within the Bank’s strategy will be essential in the future.

RECYCLING CAPITAL - In 2021, as part of our divestment strategy, we sold more than R$ 20 billion of our equity and debenture portfolio. As a result, we now rely on a composition of assets that are less exposed to volatility in stock markets. We are also carrying out a large-scale recycling of capital by redirecting resources previously allocated in mature companies towards supporting burgeoning sectors of the economy.

This was the idea behind the creation of new funds, such as the one related to Internet of Things (IoT), and the investment in receivables funds (FDIC), which direct credit towards small companies through means of card payment machines and marketplaces, among other innovative initiatives.

MANUFACTURING PROJECTS - With regards to infrastructure, we established the BNDES as the world’s largest development bank structuring concession agreements, PPPs, and privatizations, with a portfolio that includes more than 150 projects and more than R$ 300 billion in mobilized capital.

In terms of sanitation, more than 10 million Brazilians will now have access to water and sewage as a result of the commitments made under contracts developed by our Project Factory. It is now time to increase the level of investments made in urban solid waste and mobility projects capable of significantly improving the lives of Brazilians.

We also made advancements in consolidating project finance within the Brazilian financial system, increasing the number of players present by assuming new risks that are consistent with our role as a development bank. Our focus is on attracting funding by sharing risks through means of securitized syndicated loans, thereby driving participation in private and capital markets.

GOVERNANCE - We give priority to each aspect of the ESG agenda (environmental, social and governance). However, we understand that governance has been the cornerstone of our reconstruction. Without the capital “G”, any economic, social or environmental development agenda would inevitably be compromised. It is essential that we continue to make improvements to the governance structure that we have established in Brazil in recent years, both from a public or private perspective.

This annual report, the integrity of which I hereby guarantee, is the result of a collective reflection process involving all areas of the BNDES and its various decision-making bodies, in addition to consultation with external parties. The most recent edition from 2020 was awarded the 23rd ABRASCA Award of Annual Reports, in the category “closed corporations”. This recognition highlights the efforts that the Bank has made towards becoming increasingly transparent and open.

We hope that you enjoy reading the content of this report and that the following pages provide you with further insight into our strategy, governance, and performance.

Gustavo Montezano
President of the BNDES


We are the Brazilian Development Bank (BNDES), a federal public company, linked to the Ministry of Economy, being the main instrument of the Federal Government, our only shareholder, for long-term financing and investment in the various segments of the Brazilian economy. We have been operating since 1952 and we are one of the largest development banks in the world.

The BNDES System is formed by 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 promoting the production and marketing of machinery and equipment.

We operate throughout the national territory from our central office in Rio de Janeiro (RJ), where our activities are concentrated, from our official forum in Brasília (DF), and from our representations in São Paulo (SP) and Recife (PE).

Our team

Our team has 2,471 employees committed to promoting sustainable development and to excellence – 2,450 hired for an indefinite period through public tender and 21 hired on a transitional basis for the exercise of commissioned positions linked to the administration.

Permanent employees




Our strategy

Our long-term strategy, approved by the Board of Directors, is composed of the institutional identity; the strategic map; and the strategic objectives and guidelines. It also includes the analysis of the risks and opportunities for the following years and the annual business plan, which specifies the implementation of our strategy through projects, strategic indicators and associated goals.

We reviewed our strategic plan in December 2021, with some changes to the missions of the strategic map. The “Socioenvironmental” mission was broken down into "Social" and "Environmental", reinforcing the importance to be given in the strategy for both themes. The theme "MSME" was separated from "Production structure", configuring a specific mission. The missions "Innovation", "Capital market development" and the theme “Territorial Development " – formerly part of the “State modernization and territorial development" mission – had their objectives incorporated into the different missions of the map, considering their transversality.

Our strategic map is now structured in two parts. The top is composed of seven missions, which explain the main development agendas with which we contribute. The bottom part has eight strategic business support themes, which seek to make the strategy viable.


MISSIONS | What we deliver to society
Production structure
State Modernization
BUSINESS SUPPORT | To guarantee deliveries where we need to be excelllent
Information technology
Integrated risk management
Asset and liability management
Processes and standards
Data orientation

How do we generate value


  • R$ 22.2 billion of FAT resources
  • R$ 1.2 billion of internal and external funding
  • R$ 26.4 billion in inputs originating from the variable income portfolio
  • R$ 126.5 billion in return on credit transactions
  • 2,471 employees
  • 58% with graduate degree
  • 85% with undergraduate degree
  • 20 h of training per employee
  • 69 years of accumulated knowledge in sector analysis and project structuring
  • 1,367 participations in training
  • + than 7 million visits to our website in the year
  • 1,804 demands received and dealt with by the Ombudsperson’s Office
  • + than 112,000 contacs through our call center
  • + than 560 legislative proposals monitored
  • 26 affiliations with entities from different sectors of the economy

Having as

  • PURPOSE Transforming the lives of generations, promoting sustainable development
  • VALUES Ethics, public spirit, commitment to development and excellence
  • PRINCIPLES Commitment, agility, cooperation, innovation, transparency and effectiveness
  • MISSION Propose and enable solutions that transform the productive sector and promote sustainable development
  • VISION To be the Brazilian sustainable development bank
  • BEHAVIORS Decisions based on purpose, excellence in customer service, innovative perspective, engaging leadership, collaboration and integration,and continuous development
  • MSME

Generating outcomes

  • R$ 34.1 billion of net profit
  • R$ 30.6 billion in result from shareholdings
  • Total disbursements equivalent to 0.74 % of GDP
  • R$ 15.7 billion in taxes
  • 0.19 % defaults (+90 days, on 12.31.2021)
  • 542,000 people to benefit from access to fixed broadband services (connected people)
  • 2.4 GW expected increase in renewable energy generation capacity
  • 997 km of road sections expected to be deployed, duplicated or modernized
  • 633,000 users per working day to be served by high and medium capacity urban mobility systems
  • 1,239 km of natural gas distribution network expansion deployed
  • 1.3 million accesses to the BNDES’ digital library
  • + than 30 publications launched for dissemination of knowledge and transparency
  • 22.1 million tons of CO2eq in emissions avoided through renewable energy and urban mobility projects approved in 2021
  • + than 560 ecological sewage treatment systems delivered, benefiting more than 3,400 people
  • 129,000 MSMEs and supported individuals
  • 804,000 jobs generated or maintained during the implementation phase of the fixed investments supported
  • 121,000 students to benefit from support for basic and vocational education
  • 9.2 million people to benefit from access to sanitation from structured projects
  • + than 40 % of indirect support and guarantees for municipalities with Municipal Human Development Index (IDHM - 2010) below the national value
  • 890 health units (SUS) to be benefited with our support

Performance in 2021

R$ 64.3 billion in disbursements
191,093 operations
117,082 clients
66% of disbursements for Production structure
97% of the operations with MSMEs
R$ 382 billion in capital raised on our project structuring portfolio
R$ 9.9 billion disbursed to social development
R$ 7.8 billion disbursed to green economy
R$ 29 billion leveraged by BNDESPAR investments

Meterial Themes

Material themes are those considered the most relevant of the year and that can change our ability to generate value in the short, medium and long term.

They were selected after research with our different audiences and consideration of our superintendents and Executive Board.


For us, sustainability goes far beyond supporting the reduction of greenhouse gas (GHG) emissions, preserving biodiversity and carrying out social projects. Through our solutions, we also help to expand access to basic services for the population, reduce regional inequalities, generate decent work, support entrepreneurship and small businesses, strengthen sustainable infrastructure and increase productivity and competitiveness, including through innovation.

In 2021, we adhered to the UN Global Compact and to the Carbon Disclosure Project (CDP). We also participated in an ESG evaluation and rating process, conducted by Vigeo Eiris, in which we were rated A1+ (the highest on its scale).

Privatization and project structuring

Our work in structuring projects and privatization is an important part of our strategy, within the scope of the modernization of the Brazilian State mission. After two years of building our portfolio of projects, in 2021, we became the world's largest structurer of privatization projects between development banks, multilateral agencies and private companies, according to data from Infralogic consultancy. By the end of the year, we had 159 assets in our project portfolio, totaling R$ 382 billion in capital raised.

Support for MSMEs

The management of support to MSMEs goes through permanent actions to model new financial solutions or review existing ones – including guarantee products, which seek to facilitate and improve the conditions for obtaining credit for these companies. We seek, whenever possible, to incorporate the needs of this audience through differentiated financial conditions or tailor-made instruments. We also work to simplify our processes in order to facilitate MSMEs' access to financing – ours or other financial agents.

Our support for MSMEs has been intensifying over the years. In 2021, it represented 46.2% of our total disbursements and 97% of the number of operations.

New solutions and products

Our solutions and products are developed to enable the implementation of our strategy, complementing solutions available in the market with focus on our differentials, such as longer terms, presence in multiple sectors and expertise in services. In 2021, we launched and improved support instruments that reinforce our role in the development of the country, in relevant themes such as infrastructure, ESG, production structure and MSMEs. Among them, we can highlight new solutions as the BNDES Debentures in Public Offerings, BNDES ESG Credit, FGEnergia and BNDES Finame FUNTTEL.

Impact of the BNDES’ performance

The impacts of our actions occur both on clients and, in a more aggregated way, on municipalities, regions or sectors, either by the direct and/or indirect effects of our support. The monitoring and evaluation activities, in this context, seek to investigate the impacts of our support on clients, regions and sectors.

Our Effectiveness Report, published every two years, consolidate the results of the indicators and the evidence generated by the evaluations of effectiveness carried out through time.

Projects highlights


Complexo fotovoltaico Sol do Sertão
Sol do Sertão/Energia Consult

The Sol do Sertão photovoltaic complex went into commercial operation in 2021, with a total installed capacity of 415 MW, enough to generate clean and renewable energy for about 580,000 homes. The project to implement the eight solar plants in the municipality of Oliveira dos Brejinhos (BA) had our financial support, in the amount of R$ 910 million, generating more than 2,000 jobs during its implementation. The project will contribute to avoiding emissions of about 2.5 million tCO2e/year.

Production structure

Copacol/Aline Sandri

Cooperativa Agroindustrial Consolata (Copacol) completed a project to build a distribution center for chilled/frozen products in Corbélia (PR). With a total investment of R$ 124 million, the initiative counted on our financing, in the amount of R$ 100 million, contributing to increase the cooperative's storage capacity and to generate 261 direct jobs.


Harvepino/iStock/Getty Images

We signed a new funding contract with FUNTTEL in 2021, in the amount of R$ 184 million. The funds may be transferred through the new BNDES Finame FUNTTEL program and the FIDC FUNTTEL, modality in which the Bank may acquire shares of structured funds with interested companies. FIDC FUNTTEL Padtec was the first contracted in the modality and will serve as a pilot for the following funds. With contributions of up to R$ 80 million from the BNDES and up to R$ 20 million from Padtec S.A., a Brazilian company that provides optical communications systems, the fund will provide access to credit with lower rates and longer payment terms for dozens of small and medium-sized companies, Padtec's clients.

Capital market

BNDES Garagem
BNDES/Equipe do BNDES Garagem

In 2021, we launched the second edition of the BNDES Garage program, with the objective of selecting and accelerating up to 45 impact startups, prioritizing solutions aimed at education, health, sustainability, govtech and sustainable cities. The program received 1,366 proposals and selected twenty startups for the creation stage – in which it seeks to create or improve a minimum viable product (MVP) – and 25 for the traction stage – in which the intention is to scale the business.


BioParque do Rio
Acervo BNDES/André Telles

In March 2021, the project for the renovation and modernization of the Rio de Janeiro Zoo, an important tourism equipment in the city, was completed. Renamed as Biopark Rio, the project received investments of R$ 74 million (R$ 51.8 million financed by the BNDES), which served to implement the modern concept of reverse enclosure in an area of 73,000 m², giving more space and better living conditions to the animals. In addition to stimulating tourism, the biopark also works as a research center, acts in the treatment of animals and offers educational experiences for visitors.

State Modernization

Água corrente
Andreswd/E+/Getty Images

In the first auction for the regionalized concession of water supply and sewage services in the state of Rio de Janeiro, held in April, blocks 1, 2 and 4 were auctioned – by Aegea (1 and 4) and Iguá (2). The consortium SAAB II (Águas do Brasil group), represented by Itaú broker, was the winner of the auction for the last of the four blocks (block 3).

Considering all four blocks, 7.6 million people will have water and sewage services by 2033. The sanitation project of Rio de Janeiro, which is the largest of its kind in Brazil, is expected to generate 45,000 jobs and investments of more than R$ 32 billions.

Emergency countercyclical

Médica atendendo paciente
FG Trade/E+/Getty Images

In the context of the Saving Lives matchfunding, launched in 2020 as one of our emergency measures to combat the COVID-19 pandemic, oxygen plants were donated in 2021 to 16 non-profit hospitals that serve the SUS in several states of the country. The donation included funds from seven partner companies, which were doubled by the Bank, totaling R$ 11 million.


Our relationships

Public administration

  • 568 legislative proposals followed
  • 57 letters in response to requests from members of Congress
  • 236 demands from external control and supervision bodies treated


  • 112,000 consultations answered by our call center
  • 408 financing requests filed via the Clients Portal
  • 220,000 credit applicants in the MSME Channel


  • 1,804 demands treated by the Ombudsperson’s Office
  • 7.1 million visits to our website
  • 607,000 followers on our social media


  • 473,000 visits ao to the BNDES News Agency
  • 504 requests from the media outlets
  • 34,700 articles published by the press



  • About 190 meetings with financial agents
  • Partnership with about 270 business entities of various sectors
  • 26

Academia and opinion leaders

Internal audience

  • 178 internal communication campaigns
  • 18 online events for the internal audience
  • R$ 2.5 million invested in training

Challenges and vision for the future

In order to promote the transition to a carbon-neutral and climate-resilient economy, we are committed to supporting solutions that seek to reduce emissions and the conservation and sustainable use of forest and biodiversity, as well as adaptation to climate change. Among the segments related to this agenda are energy efficiency, low-carbon agriculture, sustainable mining, green chemistry and biofuels. Also the structuring of "green" projects that promote the protection and recovery of native forests, water sources and watersheds or that seek greater efficiency in the use of water resources. We are further committed to pushing the green finance agenda in the country.

To accomplish our vision for the future we need to strengthen the public service concessions agenda for the private sector and develop the project finance markets and infrastructure guarantee instruments. We want to leverage our ESG agenda and expand our performance in education, in addition to supporting innovation and efficiency agendas in the economy. We must have a relevant role in the development of financial solutions and partnerships that increase the availability of funding and encourage risk sharing; develop the market for equity funds; promote the unionization and risk-taking of projects; as well as optimize credit granting and export support processes.

In short, we believe that our role is to foster economic growth within the limits of the planet, positioning Brazil and the institution as a pole for sustainable investments in the international scenario. To do so, we need to be agile and flexible, valuing economy, efficiency and productivity, with ethics and public spirit. Our decisions are made based on the purpose, excellence of customer service, innovative perspective and continuous development of the institution.