BNDES | Annual Report 2022


Annual Report 2022

Understand how the BNDES works and learn more about the main goals achieved in 2022

About this report

Our 2022 Annual Report presents our form of work, our strategic guidelines and our performance in 2022.

We seek to show how we 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 IFRS 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 2022 edition of the Annual Report was approved by the Executive Board on May 22, 2023 and by the Board of Directors on May 26, 2023.

Messages from administration

Message from the Board of Directors

The BNDES is an institution with extensive experience in financing investment projects in the most diverse sectors of the economy, currently assuming a strategic role in promoting a fair transition to a green economy. As members of the Bank’s highest governance body, we believe that it can contribute to Brazil being a relevant player in the global transition to a low-carbon economy by financing renewable energy, energy efficiency, sustainable transport, technological innovation and other initiatives that reduce greenhouse gas (GHG) emissions.

The climate change mitigation and adaptation agenda has become increasingly urgent, and the BNDES strategy needs to reflect this reality. Thus, the Bank has increasingly sought to minimize the socioenvironmental impacts of its activities and investments it finances, but also to be an agent of change in promoting more sustainable business practices and in raising awareness about the importance of reducing emissions, developing the bioeconomy, protecting biodiversity and ecological restoration. The climate commitments document released by the institution in 2022 points in this direction.

In recent years, especially after the COVID-19 pandemic, the BNDES has proven to be a fundamental agent for the economic resumption towards sustainable development. In 2022, with disbursements that reached R$ 97.5 billion, the Bank financed and offered innovative solutions for numerous projects and companies. We believe it is possible to expand this performance, focusing on social inclusion and ensuring better living conditions for all Brazilians, combining efforts and resources with the private sector.

In the context of Brazil’s necessary reindustrialization, the BNDES can help stimulate the adoption of green technologies and processes that favor a circular economy, generating skilled jobs and increasing the competitiveness of companies in the international market. Moreover, by reactivating its export support instruments, the Bank can contribute to the country’s conquest of new markets globally.

With its support to micro-, small- and medium-sized enterprises (MSME), which has been contributing to expand their access to credit, the Bank will continue to generate employment and income for countless entrepreneurs and workers. Fundamental to the Brazilian economy, MSMEs often have difficulty in obtaining financing from traditional banks, so the credit and guarantee solutions offered by the BNDES act to compensate for this market failure.

In the scope of infrastructure, in which the BNDES has played a historical role since its foundation in 1952, in addition to structuring projects, the Bank needs to resume its role in financing essential sectors, such as sanitation, logistics, urban mobility and energy, helping to remedy the investment deficit. At the same time, there is room for successful experiences in social infrastructure concessions and PPPs, in education, health, and security projects, to be replicated on a larger scale.

Finally, in line with the policies and guidelines issued by the Federal Government in 2023, the decision of the Bank’s new administration to promote gender equity and value diversity internally, making the institution more inclusive and closer to all Brazilians, deserves to be highlighted.

This report, whose integrity we have ensured, provides a broad overview of the BNDES’s performance throughout 2022, and points out what the institution’s strategy should be for the coming years. It therefore represents a commitment to transparency about what has been achieved and what is expected for the future.

Board of Directors

Message from the president

Aloizio Mercadante, Presidente do BNDES

With the certainty that the BNDES is a strategic institution for the country’s growth, we assumed the Presidency of the institution in 2023 committed to ensuring that the Bank will resume its role in expanding investment in the real economy and promoting economic, social, and environmental development. Thus, we believe that it is necessary to intensify the BNDES’s action in favor of a reindustrializing, inclusive, green, digital, innovative and creative agenda – which does not mean competing with the private sector, but combining efforts with the Bank’s historical role as a development inducer.

The BNDES’s recent action to mitigate the economic and social impacts of the COVID-19 pandemic, with credit and guarantee solutions (FGI Peac, Peac Maquininhas and funds) that helped micro-, small- and medium-sized enterprises (MSME) to survive the crisis and maintain jobs, showed the importance of the institution’s countercyclical performance.

The Bank’s support was also decisive for the health sector, given the severity of the pandemic and the impact of scientific denialism.

This action reveals how strategic it is for Brazil to have a development bank such as the BNDES, which acts to generate employment and income, promote social inclusion and stimulate industry competitiveness and innovation. At the same time, it shows that we can do more, expanding our support to sectors capable of inserting Brazil in international markets and generating more qualified jobs in the country.

Resuming investments in industry, focusing on clean technologies, circular economy and innovation, as well as reactivating the Bank’s support mechanisms to exportation, as do the largest global economies, are key steps in this direction. We need to boost MSME growth and modernization, major generators of jobs and income, through indirect credit and guarantees.

Likewise, the BNDES’s importance in ensuring the fair transition to a low-carbon economy is evident in the green agenda. Whether by financing renewable energies, which include support for the diffusion of wind and solar generation, biofuels and, more recently, green hydrogen, or by stimulating ecological restoration projects, environmental conservation and other nature-based solutions, the Bank is na essential player to ensure a more sustainable future for the planet. Starting in 2023, we want to contribute to Brazil regaining its leading role in combating climate change, participating decisively in the global effort to reduce greenhouse gas emissions. As such, we have already resumed the Amazon Fund activities, a proven successful instrument to combat deforestation and stimulate sustainable production in the region.

Investment in infrastructure, another historical aspect of the BNDES’s operations, also deserves special attention, so that we can remedy the historical investment deficit in the sector. The Bank’s role in structuring concession and PPP projects in recent years should not overshadow our relevant and priority role in financing – which fosters and complements the market in projects essential for population well-being, in transport/logistics, energy, sanitation, urban mobility, among others.

In 2022, disbursements by the BNDES had a nominal increase of about 50%, reaching R$ 97.5 billion, an amount comparable to the Bank’s size in 2008, but still a level equivalent to 1% of GDP, far from the historical levels that we envision to recover in the near future.

We need to increase the BNDES’s contribution to investment, which involves rethinking and diversifying our funding and seeking more attractive and differentiated rates, in addition to the long-term rate (TLP), for specific topics. This is especially true, for example, in support of social development and green economy projects, which in 2022 alone represented disbursements of R$ 33.5 billion and R$ 17.6 billion, respectively.

We want to build the BNDES of the future, and for this we are committed to promoting a plural work environment at the Bank, which considers equity and diversity in respect to gender, race, and ethnicity, valuing the vast cultural spectrum of the country. The BNDES’s staff is the institution’s main asset and should also portray what we hope the country will achieve in terms of inclusion, respect, and plurality of thought.

Let’s work together for a fair and supportive country, a sovereign country that is respected worldwide, that brings opportunities to everyone – from waste collector cooperatives to large innovative companies. We will fight tirelessly for our mission to resume the BNDES’s role in Brazilian economic, social and environmental development and for the purpose of improving the lives of generations.

As a result of collective reflection, this report presents the main results achieved by the Bank in 2022 and points out how we are reformulating our strategy for the coming years, seeking to generate value for Brazilian society in the short, medium and long term. The publication follows the principles of integrated reporting, as required for accountability by the Federal Court of Accounts (TCU), and seeks to present the main economic, social and environmental impacts of the BNDES, based on the Global Reporting Initiative (GRI) model. I thus assure the integrity of this report and invite readers to learn more about our vision for the future in the following pages.

Aloizio Mercadante
President of the BNDES


We are the Brazilian Development Bank (BNDES), a federal public company, linked during 2022 to the Ministry of Economy and, from 2023, to the Ministry of Development, Industry, Trade and Services (MDIC), being the main instrument of the Federal Government, our sole 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: the BNDES and its two subsidiaries – BNDES Participações S.A. (BNDESPAR), which operates in the capital market, and Agência Especial de Financiamento Industrial S.A. (FINAME), dedicated to promoting the production and sale 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 2,442 employees committed to promoting sustainable development and to excellence – 2,423 hired through public tender and 19 hired on a transitional basis for the exercise of commissioned positions linked to the administration.

Concursados Transitórios Funções por gênero

How we generated value in 2022

We acquire inputs

  • R$ 22.2 billion of FAT resources
  • R$ 2.0 billion of internal and external funding in return on credit
  • R$ 23.8 billion in inputs originating from the variable-income portfolio
  • R$ 116.7 billion in return on credit operations
  • 2,423 employees
  • 85% with undergraduate degree
  • 70 years of accumulated knowledge in sector analysis and Project structuring
  • 750 employees with participation in short-term external training and certification programs
Social and relational
  • + 4.5 million visits to our website in the year
  • over 500 legislative proposals monitored
  • 3,155 demands received and rectified by the Ombudsperson’s Office
  • 31 affiliations with entities from different sectors of the economy
  • around 89,000 contacts through our call center

Having as

Institutional identity
    Transforming the lives of generations, promoting sustainable development
    Ethics, public spirit, commitment to development and excellence
    Commitment, agility, cooperation, innovation, transparency and effectiveness
    Enable and propose solutions that transform the productive sector and promote sustainable development
    To be the Brazilian sustainable development bank
    Decisions based on purpose, excellence in customer service, innovative perspective, engaging leadership, collaboration and integration, and continuous development
  • MSME
Products and services

To generate outcomes

  • R$ 97.5 billion in disbursements, equivalent to 1% of GDP
  • R$ 41.7 billion of net profit, of which R$ 12.5 billion in recurring net profit
  • R$ 14 billion in taxes
  • R$ 33.3 billion of income from equity interest
  • 719,000 people to benefit from access to broadband services (connected people)
  • 410,000 users per working day to be served by high and medium capacity urban mobility systems
  • 3.4 GW expected increase in renewable energy generation capacity
  • 1,133 km of natural gas distribution network expansion deployed
  • 2,591 km of road sections expected to be deployed, duplicated or modernized
  • 2.7 million of downloads in the BNDES’s digital library
  • 20 publications launched for dissemination of knowledge and transparency
  • 22.9 million tons of CO2e in emissions avoided by means of renewable energy, urban mobility, biofuels and public lighting projects approved or auctioned in the year
  • 12,100 hectares of parks and forests to be conserved through supported projects
Social and relational
  • 156,000 MSMEs and individuals supported
  • 40,600 microentrepreneurs to benefit from microcredit
  • +10 million people to benefit from access to sewage network and treatment through supported projects
  • 1.1 million jobs generated or maintained during the implementation phase of the fixed investments
  • 2,300 women supported by the National Strengthening of Family Agriculture Program (Pronaf Mulher)
  • 4.4 million students to benefit from support for basic and vocational education
  • 645 SUS health units to be benefited with our support

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 and strategic indicators.

In October 2022, we reviewed our strategy, which sought to prioritize long-term issues associated with the sustainable development agenda. With the management change in January 2023, the review of the strategy previously approved considered new guidelines, in alignment with public policies of the Federal Government.

The review of the strategy approved in May 2023 presents seven major business themes, between strategic and transversal, in addition to six strategic business support themes.

Estratégia de longo prazo

Performance in 2022

R$ 97.5
billion in disbursements

212,469 operations

135,855 clients
increase in
disbursements for infrastructure
of the operations with MSMEs
R$ 488
billion in capital
raised on our project structuring portfolio
R$ 33.5
billion disbursed to social development
R$ 17.6
billion disbursed to green economy
R$ 27.8
billion leveraged by BNDESPAR Investments

Material Topics

Material topics are those that affect our ability to generate value in the short, medium and long term and that reflect the organization’s significant economic, environmental and social impacts.

In 2022, the topics already identified and approved in 2021 were mantained, as the main strategic planning guidelines remained valid. There was only one change: the sustainability topic was cut, being presented with a more specific focus in the climate change topic. Other issues related to sustainability were incorporated into the topic Impact of the BNDES’s performance.

Support for MSMEs

Micro-, small- and medium-sized enterprises (MSMEs) are a key segment to develop the national economy. We work to expand these companies’ access to credit and guarantee through direct and, mainly, indirect financial instruments. To enable our indirect operations, we have a network of accredited financial agents which operate with our resources in much of the national territory, promoting credit capillarization and bank deconcentration.

Privatization and project structuring

For Brazil to be able to face the investment bottleneck in infrastructure and reach the desired level in the sector, it is fundamental that public investment capacity is resumed and private investment is leveraged. We structure projects that align the public interest with the attractiveness for the private sector. The purpose of the activity is to expand and improve the provision of services to citizens, enabling the reduction of infrastructure bottlenecks and the generation of opportunities for private investments in projects of public interest, reducing costs for the public administration.

Impact of the BNDES’s performance

Most of the impacts (economic, environmental and social) of our operations result from the investments we support, made by our clients. We offer differentiated conditions for sustainable investments or that contribute to the transition to a carbon-neutral economy. We consider the potential for generating positive externalities both in our analysis of projects and in the elaboration of our products and solutions. In view of our broad spectrum of activities, in addition to the expected positive impacts, there may eventually be negative impacts associated with projects. To mitigate them, in the financial support, in addition to the legal requirements, the specific criteria established in our exclusion and conditional support list are verified and any conditions and recommendations prepared during the socioenvironmental evaluation of non-automatic direct and indirect credit operations are included.

Climate change

Climate has become a central element in our vision of development. That is why we act both in mitigating climate change, as well as in stimulating credit for adaptation measures. In 2022, in alignment with the Brazilian National Determined Contribution (NDC), we made a commitment to carbon neutrality in 2050, considering scopes 1, 2 and 3 of our emissions inventory. We also established some corporate and climate-related indicators in our strategic map and approved another corporate project related to ESG, this time with a greater focus on climate.

New solutions and products

Our solutions and products are developed to enable the implementation of our strategy. We seek to offer complementary solutions to those in the market, focusing on differentials such as longer terms, presence in multiple sectors, possibilities to generate positive outcomes for society, among others. Based on the goals and guidelines outlined in our strategic plan and the expected impacts, we designed our portfolio strategy. In 2022, examples of guidelines for new products were: promoting productivity and competitiveness; contributing to improve the quality of Brazil’s public education networks; and promoting the transition to a carbon-neutral economy.

Projects Highlights


Complexo Solar Janaúba
Janaúba Solar Complex | Photo: Elera collection

The Janaúba Solar Complex entered full commercial operation in October 2022. We financed the first phase of the project, contributing with the addition of an installed capacity of 700 MW, out of a total of 1,000 MW (phase 1 + phase 2), which makes the complex the largest solar energy park in the Americas. The complex is located in the northern region of Minas Gerais and is capable of generating enough clean energy to avoid the emission of 4.5 million tCO2e per year. During implementation, approximately 2,000 jobs were created.

Production structure

Indústrias Romi S.A.
Indústrias Romi S.A. | Photo: Indústrias Romi S.A. collection

We approved the financing to Indústrias Romi S.A. for the production of high performance machinery and equipment intended for export. This is the first time we have financed the manufacture of goods with 4.0 technology for export by a Brazilian company, representing an important milestone in supporting national exports of high-tech goods, in addition to enabling the Brazilian manufacturer to compete on an equal footing with its competitors in the foreign market.


Produção de tilápias
Tilapia production in Paraná | Photo: BNDES collection

Jaime and Sirlene Devigili are rural producers and work with the breeding and sale of tilapia fish in Nova Aurora (PR). In order to finance the expansion of the business, they obtained funds from the BNDES Rural Credit line through the partner institution Cresol Baser.


Santa Casa da Bahia.
Santa Casa da Bahia | Photo: Agência Bapress

In 2022, the project to improve the operational and care efficiency of Santa Casa da Bahia was completed, supported with a credit of R$ 100 million under the BNDES Health Management Program. An action plan has been drawn up for Santa Casa comprising three main actions: (i) primary health care (PHC) program; (ii) sepsis protocol management; and (iii) measurement program of clinical outcomes.


Photo: Getty Images

Together with Petrobras, in 2022, we launched the first public call for the Floresta Viva initiative, named Manguezais do Brasil, aimed at supporting projects to recover native vegetation in mangrove and sandbank areas of the country. There will be R$ 44 million in resources to support up to nine projects from the three macro-regions (North Coast, Northeast/Espírito Santo and South/Southeast) defined in the PAN Mangrove Action Plan, of the ICMBio. The expectation is to reach a total of 1,800 restored hectares of mangroves, restinga regions and drainage basin areas that have influence on mangroves.

Modernization of the State

Santa Casa da Bahia.
Photo: Getty Images

Our work in modernizing the State had as a strategic guideline to develop solutions for public bottlenecks through the structuring of partnership projects, privatizations, socioenvironmental assets, and real estate assets. In this context, the funding of initiatives for the digitization of public services and the use of technology in cities, including security and public lighting, gained prominence.


Vacinação Covid
Photo: Getty Images

From the beginning of the COVID-19 pandemic, in 2020, we launched a set of emergency measures to combat its effects. Although most of the measures were closed in 2020, some initiatives had important developments in 2022, such as the financing from BNDES Credit for Production Chains Transfer product, directed to anchor companies to meet the needs of their production chain; the disbursement of R$ 48 million from BNDES Emergency Direct Credit to meet the need for liquidity from hospitals and healthcare diagnostic companies; and the disbursement of R$ 45 million from the Emergency Audiovisual Sector Fund (FSA), aimed at the production chain of the audiovisual sector.


Our relationships

Public Administration

  • 503 legislative proposals followed
  • 28 letters in response to requests from members of Congress
  • 147 parliamentarian requests answered


  • 89,000 consultations answered by our call center
  • 4,700 monthly services to MSMEs through our call center
  • 687 financing requests filed via the Clients Portal


  • 3,155 demands treated by the Ombudsperson’s Office
  • 4.5 million visits to our website
  • 666,000 followers on our social media


  • 164,000 visits to the BNDES News Agency
  • 402 requests from the press
  • 34,400 articles published by the press citing the BNDES


  • More than 630 meetings, webinars and presentations about the BNDES
  • Relationship with more than 530 entities
  • More than 47,000 users on the Investors Relations Portal


  • About 280 meetings with financial agents
  • 31 affiliations to national and international non-profit entities
  • Partnership with about 290 business entities of various sectors

Academia and Opinion Leaders

Internal Audience

  • 167 internal communication campaigns
  • 287 articles on the internal news channel
  • R$ 2.7 million invested in external training and certificate programs

New challenges and vision for the future

Our purpose is to improve the lives of generations by promoting economic, social and environmental development. We want to be a green, digital, inclusive, innovative, industrializing and technological development bank. Thus, we have the challenge of resuming the role of the BNDES in Brazilian economic, social and environmental development.

Social development and the guarantee of rights are among the country’s biggest challenges. To develop sustainably, the country needs to overcome its inequalities at all levels: race, gender, economic and regional. The BNDES intends to assume an inducing role of this agenda, which will be reflected in its internal and operational policies. Likewise, the Bank can contribute significantly to the country’s transition to a green economy, which values its sociobiodiversity and contributes to its decarbonization process.

In a climate emergency context, public institutions have a duty to lead the just transition to the low-carbon economy, helping to promote development in a sustainable and, above all, inclusive way. They should serve as an example, seeking to demonstrate best practices, but also induce them through partnerships, solutions and dissemination of knowledge. We already have a long history of supporting clean energy, but we need to work on different fronts, such as green hydrogen, and also in other sectors, for example, encouraging the preservation of natural resources through appropriate agricultural techniques and reaffirming the commitment to non-deforestation.

Brazil, which has been a pioneer in making voluntary commitments to reduce greenhouse gas emissions and creating solutions related to renewable energy, has a clean energy matrix and experience in green technologies, needs to resume this leadership position in the environmental agenda. It is necessary to adopt measures that contribute to a repositioning of the country towards the world in the combat of climate change. The possession of an immense forest and biodiversity asset imposes efforts aimed at its conservation and sustainable use, but also generates great opportunity to raise funds for the country. Our challenge is to move forward to act more strongly in attracting and managing these resources.

The green agenda is also closely linked to investment in infrastructure, which should focus on sustainable and resilient projects. With a long history of operations in the sector, we will continue to support the energy transition, with emphasis on the use of renewable sources, natural gas and new technological routes. The modernization and adaptation of assets aimed at the energy transition, as well as the universalization of sanitation, are among our priorities, which include expanding the access and quality of infrastructure services for the Brazilian population. As a development bank, we have to think about the long term, offering the conditions for the country’s growth.

With regard to the production structure, we need to resume industrialization and expand national productivity through digital transformation, with support for the expansion of connectivity, digitization of processes and implementation of technologies for modernizing industries that contribute to the process of industrial decarbonization, in addition to supporting the climate transition. By investing in the modernization of our automotive fleet, for example, we stimulate an entire production chain, creating jobs while reducing emissions by electrifying our fleet.

In industry, promoting the sustainable development of the bioeconomy and the circular economy are our priorities, as well as strengthening strategic chains such as those of the health complex, defense, electronics, fertilizers and bio-inputs aiming at technological autonomy and competitiveness in the long term. Promoting Brazil’s competitive insertion in global value chains is another challenge and goes through resume and expand support for exports of manufactured goods produced in the country, contributing to the greater diversification of the Brazilian export agenda and to increasing the competitiveness of national industry. The international market is important for the survival of our companies. We need to resume our role in the world economy.

Financing for MSMEs and productive inclusion are also continuous challenges, important to promote social inclusion, through the generation of employment and income. With the encouragement of cooperatives and family farming, we can reach smaller companies, contributing to decentralize credit in the country. Financing instruments should be innovative, with the use of risk mitigation mechanisms. Support for MSMEs favors the deconcentration of income and the reduction of inequalities. Generating new opportunities is essential. Resuming commitment to the creative economy, for example, is a way to expand job creation, reinforce our national identity, and strengthen our cultural diversity.

In the social agenda, our work involves investments in education and health, always focusing on inclusion. Beyond our support, we want to be an example of inclusion through affirmative actions also at the internal level, aimed at promoting gender equity and racial diversity. Regional inequality is also in our vision, with impetus for the development of the North and Amazon region. We want to bring connectivity to Brazilian schools, increasing the social inclusion of our children.

The investments intended for states and municipalities must be resumed as well as reimbursable and non-refundable support for urban and rural productive inclusion actions. The BNDES’s commitment to the country’s transition to healthy and sustainable agrifood systems can be highlighted, an agenda that integrates the promotion of food security, climate resilience and restoration and sustainable use of socio-biodiversity.

The social, environmental and climate agendas will be transversal to all our actions and will demand the continuous search for better instruments and financing conditions. To expand our disbursements and credit portfolio, we will have to multiply and diversify our sources of national and international funding, working to ensure our financial sustainability.

We want to contribute by attracting private resources for public interest initiatives, complementing the market’s performance with forward-looking proposals. We need to discuss differentiated rates for strategic sectors in line with innovative, creative and consistent public policies.

There are many challenges, but we want to build the BNDES of the future to help build a fairer and more supportive country, with opportunities for all Brazilians.