{"id":6276,"date":"2018-07-25T16:20:11","date_gmt":"2018-07-25T19:20:11","guid":{"rendered":"http:\/\/devbrq.fazti.com.br\/?page_id=6276"},"modified":"2018-10-26T12:05:05","modified_gmt":"2018-10-26T15:05:05","slug":"national-development-bank-bndes","status":"publish","type":"page","link":"https:\/\/bricspolicycenter.org\/en\/national-development-bank-bndes\/","title":{"rendered":"BNDES"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2 style=\"text-align: center;\">Brazilian Development Bank (BNDES)<\/h2>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><span style=\"color: #333399;\"><strong>Updated on May 2017<\/strong><\/span><\/p>\n<p>[\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][vc_column_text]<\/p>\n<h2>Nature and Purpose<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;64px&#8221;][vc_column_text]<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Public company with legal personality in private law and own property (Article 1 of the Bank\u2019 social statute).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Supports programs, projects, constructions and services related to the economic and social development of the country (Articles 3 and 4).<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">BNDES System is supervised by the Ministry of Development, Industry and Foreign Trade, and composed of four companies: BNDES, FINAME, BNDESPAR and BNDES Limited. Currently, it has four facilities in Brazil (Rio de Janeiro, Sao Paulo, Bras\u00edlia and Recife). Facilities abroad (London, Montevideo and Johannesburg) were closed in May 2016 as a result of the bank\u2019s organizational restructuring.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In 2016, the Desestatization Program was created. As existent during the 1990s, it reflects the new orientation of the BNDES, which aims the privatization of Brazilian companies, in contrast with the previous policy of strengthening and internationalizing national companies.<\/span><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<p style=\"text-align: center;\">\u00a0<div class=\"visualizer-front-container\" id=\"chart_wrapper_visualizer-6560-2023653976\"><style type=\"text\/css\" name=\"visualizer-custom-css\" id=\"customcss-visualizer-6560\">.locker,.locker-loader{position:absolute;top:0;left:0;width:100%;height:100%}.locker{z-index:1000;opacity:.8;background-color:#fff;-ms-filter:\"progid:DXImageTransform.Microsoft.Alpha(Opacity=80)\";filter:alpha(opacity=80)}.locker-loader{z-index:1001;background:url(https:\/\/bricspolicycenter.org\/wp-content\/plugins\/visualizer\/images\/ajax-loader.gif) no-repeat center center}.dt-button{display:none!important}.visualizer-front-container.visualizer-lazy-render{content-visibility: auto;}.google-visualization-controls-categoryfilter label.google-visualization-controls-label {vertical-align: middle;}.google-visualization-controls-categoryfilter li.goog-inline-block {margin: 0 0.2em;}.google-visualization-controls-categoryfilter li {padding: 0 0.2em;}.visualizer-front-container .dataTables_scrollHeadInner{margin: 0 auto;}<\/style><div id=\"visualizer-6560-2023653976\" class=\"visualizer-front  visualizer-front-6560\"><\/div><!-- Not showing structured data for chart 6560 because description is empty --><\/div>\n<p style=\"text-align: center;\"><b><i>Source<\/i><\/b><i><span style=\"font-weight: 400;\">: <\/span><\/i><i><span style=\"font-weight: 400;\">The author, based <\/span><\/i><a href=\"https:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/relacoes-com-investidores\/relatorio-anual\"><i><span style=\"font-weight: 400;\">on BNDES<\/span><\/i><\/a> <i><span style=\"font-weight: 400;\">relatorio annual 2016<\/span><\/i><\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_empty_space][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2><b>Where do resources come from?<\/b><\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<p style=\"text-align: center;\">\u00a0<div class=\"visualizer-front-container\" id=\"chart_wrapper_visualizer-6580-2041866808\"><style type=\"text\/css\" name=\"visualizer-custom-css\" id=\"customcss-visualizer-6580\">.locker,.locker-loader{position:absolute;top:0;left:0;width:100%;height:100%}.locker{z-index:1000;opacity:.8;background-color:#fff;-ms-filter:\"progid:DXImageTransform.Microsoft.Alpha(Opacity=80)\";filter:alpha(opacity=80)}.locker-loader{z-index:1001;background:url(https:\/\/bricspolicycenter.org\/wp-content\/plugins\/visualizer\/images\/ajax-loader.gif) no-repeat center center}.dt-button{display:none!important}.visualizer-front-container.visualizer-lazy-render{content-visibility: auto;}.google-visualization-controls-categoryfilter label.google-visualization-controls-label {vertical-align: middle;}.google-visualization-controls-categoryfilter li.goog-inline-block {margin: 0 0.2em;}.google-visualization-controls-categoryfilter li {padding: 0 0.2em;}.visualizer-front-container .dataTables_scrollHeadInner{margin: 0 auto;}<\/style><div id=\"visualizer-6580-2041866808\" class=\"visualizer-front  visualizer-front-6580\"><\/div><!-- Not showing structured data for chart 6580 because description is empty --><\/div>\n<p style=\"text-align: center;\"><b><i>Source:<\/i><\/b> <i><span style=\"font-weight: 400;\">The author, based <\/span><\/i><a href=\"https:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/relacoes-com-investidores\/relatorio-anual\"><i><span style=\"font-weight: 400;\">on BNDES<\/span><\/i><\/a> <i><span style=\"font-weight: 400;\">relatorio annual 2016<\/span><\/i><\/p>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;64px&#8221;][vc_column_text]<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Within the resource sources that compose BNDES\u2019s capital structure, the weight of governmental sources stands out.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">According to the 1998 Constitution, 40% of the Worker Protection Fund (FAT) must be destined to BNDES to be applied in economic development programs, implying a safe fund, which varies according to the rhythm of the Brazilian economy.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Since 2008, the National Treasury also injects resources into the bank in the form of public bonds with costs largely associated to the Long Term Interest Rate.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Since 2010, the National Treasury is the main creditor of BNDES, being responsible for 50% of its total passive n 31 December 2016.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In December 2016, BNDES returned R$ 100 billion to the National Treasury, as part of its policy of shrinkage and search for new sources of funds, such as the issuance of Property Letters of Credit (LCI), Farming Letters of Credit (LCA) and Financial Letters of Credit (LF). <\/span><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_empty_space][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_empty_space][vc_column_text]<\/p>\n<h2><b>BNDESPAR<\/b><\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_empty_space][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The integral subsidiary BNDES Participations S.A. (BNDESPAR) supports Brazilian companies with open or closed capital, which may enter the capital market through the subscription of shares, convertible or exchangeable debentures, quotas in investment funds and other securities.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The portfolio of debentures represents around 12% of BNDESPAR\u2019s total assets, which encompasses both simple and convertible\/exchangeable debentures, reaching R$ 9,613 million in 2016 \u2013 a reduction of 17.8% in relation to 2015 and 46.7% in relation to 2012, when it reached R$ 18,020 million.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The portfolio of corporate shareholdings, which represents 78.5% of BNDESPAR, is composed of investments in affiliated companies, in which BNDES has the power of influence in financial and operational decisions, and non-affiliated companies, in which there is no such influence. The net portfolio of corporate shareholdings, without loss provisions, reached R$ 63,084 million in 2016, with 74.5% representing investments in non-affiliated societies and 23.2% in affiliated societies.<\/span><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<p style=\"text-align: center;\">\u00a0<div class=\"visualizer-front-container\" id=\"chart_wrapper_visualizer-6565-723501932\"><style type=\"text\/css\" name=\"visualizer-custom-css\" id=\"customcss-visualizer-6565\">.locker,.locker-loader{position:absolute;top:0;left:0;width:100%;height:100%}.locker{z-index:1000;opacity:.8;background-color:#fff;-ms-filter:\"progid:DXImageTransform.Microsoft.Alpha(Opacity=80)\";filter:alpha(opacity=80)}.locker-loader{z-index:1001;background:url(https:\/\/bricspolicycenter.org\/wp-content\/plugins\/visualizer\/images\/ajax-loader.gif) no-repeat center center}.dt-button{display:none!important}.visualizer-front-container.visualizer-lazy-render{content-visibility: auto;}.google-visualization-controls-categoryfilter label.google-visualization-controls-label {vertical-align: middle;}.google-visualization-controls-categoryfilter li.goog-inline-block {margin: 0 0.2em;}.google-visualization-controls-categoryfilter li {padding: 0 0.2em;}.visualizer-front-container .dataTables_scrollHeadInner{margin: 0 auto;}<\/style><div id=\"visualizer-6565-723501932\" class=\"visualizer-front  visualizer-front-6565\"><\/div><!-- Not showing structured data for chart 6565 because description is empty --><\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<p style=\"text-align: center;\">\u00a0<div class=\"visualizer-front-container\" id=\"chart_wrapper_visualizer-6562-629905102\"><style type=\"text\/css\" name=\"visualizer-custom-css\" id=\"customcss-visualizer-6562\">.locker,.locker-loader{position:absolute;top:0;left:0;width:100%;height:100%}.locker{z-index:1000;opacity:.8;background-color:#fff;-ms-filter:\"progid:DXImageTransform.Microsoft.Alpha(Opacity=80)\";filter:alpha(opacity=80)}.locker-loader{z-index:1001;background:url(https:\/\/bricspolicycenter.org\/wp-content\/plugins\/visualizer\/images\/ajax-loader.gif) no-repeat center center}.dt-button{display:none!important}.visualizer-front-container.visualizer-lazy-render{content-visibility: auto;}.google-visualization-controls-categoryfilter label.google-visualization-controls-label {vertical-align: middle;}.google-visualization-controls-categoryfilter li.goog-inline-block {margin: 0 0.2em;}.google-visualization-controls-categoryfilter li {padding: 0 0.2em;}.visualizer-front-container .dataTables_scrollHeadInner{margin: 0 auto;}<\/style><div id=\"visualizer-6562-629905102\" class=\"visualizer-front  visualizer-front-6562\"><\/div><!-- Not showing structured data for chart 6562 because description is empty --><\/div>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<p style=\"text-align: center;\"><b><i>Source:<\/i><\/b> <a href=\"https:\/\/www.bndes.gov.br\/wps\/wcm\/connect\/site\/17433e20-347e-4625-92cd-a37b5fa60fcd\/RA_BPAR_1216_final.pdf?MOD=AJPERES&amp;CVID=lLp2h5G\"><i><span style=\"font-weight: 400;\">BNDESPAR Relat<\/span><\/i><i><span style=\"font-weight: 400;\">orio 2016<\/span><\/i><\/a><\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_empty_space][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2><b>Disbursements<\/b><\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<p style=\"text-align: center;\">\u00a0<div class=\"visualizer-front-container\" id=\"chart_wrapper_visualizer-6585-727771208\"><style type=\"text\/css\" name=\"visualizer-custom-css\" id=\"customcss-visualizer-6585\">.locker,.locker-loader{position:absolute;top:0;left:0;width:100%;height:100%}.locker{z-index:1000;opacity:.8;background-color:#fff;-ms-filter:\"progid:DXImageTransform.Microsoft.Alpha(Opacity=80)\";filter:alpha(opacity=80)}.locker-loader{z-index:1001;background:url(https:\/\/bricspolicycenter.org\/wp-content\/plugins\/visualizer\/images\/ajax-loader.gif) no-repeat center center}.dt-button{display:none!important}.visualizer-front-container.visualizer-lazy-render{content-visibility: auto;}.google-visualization-controls-categoryfilter label.google-visualization-controls-label {vertical-align: middle;}.google-visualization-controls-categoryfilter li.goog-inline-block {margin: 0 0.2em;}.google-visualization-controls-categoryfilter li {padding: 0 0.2em;}.visualizer-front-container .dataTables_scrollHeadInner{margin: 0 auto;}<\/style><div id=\"visualizer-6585-727771208\" class=\"visualizer-front  visualizer-front-6585\"><\/div><!-- Not showing structured data for chart 6585 because description is empty --><\/div>\n<p style=\"text-align: center;\"><b><i>Source:<\/i><\/b> <a href=\"https:\/\/www.bndes.gov.br\/wps\/wcm\/connect\/site\/17433e20-347e-4625-92cd-a37b5fa60fcd\/RA_BPAR_1216_final.pdf?MOD=AJPERES&amp;CVID=lLp2h5G\"><i><span style=\"font-weight: 400;\">BNDESPAR Relato<\/span><\/i><i><span style=\"font-weight: 400;\">rio 2016<\/span><\/i><\/a><\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<p style=\"text-align: center;\">\u00a0<div class=\"visualizer-front-container\" id=\"chart_wrapper_visualizer-6573-733370886\"><style type=\"text\/css\" name=\"visualizer-custom-css\" id=\"customcss-visualizer-6573\">.locker,.locker-loader{position:absolute;top:0;left:0;width:100%;height:100%}.locker{z-index:1000;opacity:.8;background-color:#fff;-ms-filter:\"progid:DXImageTransform.Microsoft.Alpha(Opacity=80)\";filter:alpha(opacity=80)}.locker-loader{z-index:1001;background:url(https:\/\/bricspolicycenter.org\/wp-content\/plugins\/visualizer\/images\/ajax-loader.gif) no-repeat center center}.dt-button{display:none!important}.visualizer-front-container.visualizer-lazy-render{content-visibility: auto;}.google-visualization-controls-categoryfilter label.google-visualization-controls-label {vertical-align: middle;}.google-visualization-controls-categoryfilter li.goog-inline-block {margin: 0 0.2em;}.google-visualization-controls-categoryfilter li {padding: 0 0.2em;}.visualizer-front-container .dataTables_scrollHeadInner{margin: 0 auto;}<\/style><div id=\"visualizer-6573-733370886\" class=\"visualizer-front  visualizer-front-6573\"><\/div><!-- Not showing structured data for chart 6573 because description is empty --><\/div>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<p style=\"text-align: center;\">\u00a0<div class=\"visualizer-front-container\" id=\"chart_wrapper_visualizer-6575-658002652\"><style type=\"text\/css\" name=\"visualizer-custom-css\" id=\"customcss-visualizer-6575\">.locker,.locker-loader{position:absolute;top:0;left:0;width:100%;height:100%}.locker{z-index:1000;opacity:.8;background-color:#fff;-ms-filter:\"progid:DXImageTransform.Microsoft.Alpha(Opacity=80)\";filter:alpha(opacity=80)}.locker-loader{z-index:1001;background:url(https:\/\/bricspolicycenter.org\/wp-content\/plugins\/visualizer\/images\/ajax-loader.gif) no-repeat center center}.dt-button{display:none!important}.visualizer-front-container.visualizer-lazy-render{content-visibility: auto;}.google-visualization-controls-categoryfilter label.google-visualization-controls-label {vertical-align: middle;}.google-visualization-controls-categoryfilter li.goog-inline-block {margin: 0 0.2em;}.google-visualization-controls-categoryfilter li {padding: 0 0.2em;}.visualizer-front-container .dataTables_scrollHeadInner{margin: 0 auto;}<\/style><div id=\"visualizer-6575-658002652\" class=\"visualizer-front  visualizer-front-6575\"><\/div><!-- Not showing structured data for chart 6575 because description is empty --><\/div>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2><b>Did you know?<\/b><\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][vc_column_text]<span style=\"font-weight: 400;\">A share of BNDES\u2019s profits is destined to Non-Refundable Funds, such as: the Amazon Fund, BNDES Atlantic Forest, Technologic Fund (BNDES Funtec) and Social Fund. However, in 2015, Non-Refundable BNDES funds corresponded to R$ 400 million, in contrast with total profits and disbursements, which amounted to, respectively, R$ 6.2 billion and R$ 136 billion.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_empty_space][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<h2>What does BNDES understand by MSME?<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;64px&#8221;][vc_column_text]<\/p>\n<ul>\n<li>MICROENTERPRISE: operational gross revenue less than or equal to R$ 2.4 million.<\/li>\n<li>SMALL-SIZED ENTERPRISE: greater than R$ 2.4 million and less than or equal to R$ 16 million.<\/li>\n<li>MEDIUM-SIZED ENTERPRISE: greater than R$ 16 million and less than or equal to R$ 90 million.<\/li>\n<li>MEDIUM-LARGE-SIZED ENTERPRISE: greater than R$ 90 million and less than or equal to R$ 300 million.<\/li>\n<li>LARGE ENTERPRISE: greater than R$ 300 million.<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<p style=\"text-align: center;\">\u00a0<div class=\"visualizer-front-container\" id=\"chart_wrapper_visualizer-6599-1399488687\"><style type=\"text\/css\" name=\"visualizer-custom-css\" id=\"customcss-visualizer-6599\">.locker,.locker-loader{position:absolute;top:0;left:0;width:100%;height:100%}.locker{z-index:1000;opacity:.8;background-color:#fff;-ms-filter:\"progid:DXImageTransform.Microsoft.Alpha(Opacity=80)\";filter:alpha(opacity=80)}.locker-loader{z-index:1001;background:url(https:\/\/bricspolicycenter.org\/wp-content\/plugins\/visualizer\/images\/ajax-loader.gif) no-repeat center center}.dt-button{display:none!important}.visualizer-front-container.visualizer-lazy-render{content-visibility: auto;}.google-visualization-controls-categoryfilter label.google-visualization-controls-label {vertical-align: middle;}.google-visualization-controls-categoryfilter li.goog-inline-block {margin: 0 0.2em;}.google-visualization-controls-categoryfilter li {padding: 0 0.2em;}.visualizer-front-container .dataTables_scrollHeadInner{margin: 0 auto;}<\/style><div id=\"visualizer-6599-1399488687\" class=\"visualizer-front  visualizer-front-6599\"><\/div><!-- Not showing structured data for chart 6599 because description is empty --><\/div>\n<p style=\"text-align: center;\"><em><strong>Source<\/strong><\/em>: The author, based on <a href=\"https:\/\/www.bndes.gov.br\/wps\/portal\/site\/home\/relacoes-com-investidores\/relatorio-anual\">BNDES<\/a> 2016 annual report<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text]<\/p>\n<p style=\"text-align: center;\">\u00a0<div class=\"visualizer-front-container\" id=\"chart_wrapper_visualizer-6614-1697660899\"><style type=\"text\/css\" name=\"visualizer-custom-css\" id=\"customcss-visualizer-6614\">.locker,.locker-loader{position:absolute;top:0;left:0;width:100%;height:100%}.locker{z-index:1000;opacity:.8;background-color:#fff;-ms-filter:\"progid:DXImageTransform.Microsoft.Alpha(Opacity=80)\";filter:alpha(opacity=80)}.locker-loader{z-index:1001;background:url(https:\/\/bricspolicycenter.org\/wp-content\/plugins\/visualizer\/images\/ajax-loader.gif) no-repeat center center}.dt-button{display:none!important}.visualizer-front-container.visualizer-lazy-render{content-visibility: auto;}.google-visualization-controls-categoryfilter label.google-visualization-controls-label {vertical-align: middle;}.google-visualization-controls-categoryfilter li.goog-inline-block {margin: 0 0.2em;}.google-visualization-controls-categoryfilter li {padding: 0 0.2em;}.visualizer-front-container .dataTables_scrollHeadInner{margin: 0 auto;}<\/style><div id=\"visualizer-6614-1697660899\" class=\"visualizer-front  visualizer-front-6614\"><\/div><!-- Not showing structured data for chart 6614 because description is empty --><\/div>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_empty_space][vc_column_text]<\/p>\n<h2>International\u00a0Performance<\/h2>\n<p>[\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_empty_space height=&#8221;64px&#8221;][vc_column_text]<\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">BNDES\u2019s support to the export of national goods and services may be conducted through two existing programs in the bank: BNDES Exim Pre-Boarding consists of the support to the production of good and services destined to the exports, while BNDES Exim Post-Boarding supports the commercialization, abroad, of Brazilian goods and services.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The bank\u2019s role in direct financing abroad only became possible after 2002, with the modification of the bank\u2019s statute for the authorization of the financing of direct investment projects abroad. During the three following years, this process was relatively \u201ctimid\u201d, without a great performance of the bank in this sense. Only after 2005, with the approval of the norms for the financing of Foreign Direct Investment (FDI), the bank became one of the main agents in the process of directing investment for the internationalization of Brazilian companies.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Between 2006 and 2013, BNDES Exim Post-Boarding experienced strong growth, due to the policy known as the \u201cnational champions\u201d policy, which consisted in providing incentives to the internationalization of some Brazilian companies and sectors. After 2014, these disbursements were reduced, in line with the political reorientation of the bank, which withdrew governmental centrality for directing investments. <\/span><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_column_text][\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_column_text][\/vc_column_text][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_empty_space height=&#8221;64px&#8221;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column][vc_column_text] Brazilian Development Bank (BNDES) &nbsp; Updated on May 2017 [\/vc_column_text][vc_empty_space height=&#8221;64px&#8221;][vc_column_text] Nature and Purpose [\/vc_column_text][vc_separator type=&#8221;normal&#8221; border_style=&#8221;&#8221;][\/vc_column][\/vc_row][vc_row row_type=&#8221;row&#8221; use_row_as_full_screen_section=&#8221;no&#8221; type=&#8221;full_width&#8221; text_align=&#8221;left&#8221; css_animation=&#8221;&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_empty_space height=&#8221;64px&#8221;][vc_column_text]&#8230;<\/p>\n","protected":false},"author":10,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-6276","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BNDES - brq<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bricspolicycenter.org\/banco-nacional-do-desenvolvimento-bndes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BNDES - brq\" \/>\n<meta property=\"og:description\" content=\"[vc_row row_type=&#8221;row&#8221; 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