Our History

The Brazilian Development Bank (BNDE) was founded in 1952, to be the creator and enforcer of the Brazilian economic development policy. BNDE initially focused on infrastructure, but its activities gradually aimed at the private sector and industry as well.

In the 1960s, the agribusiness sector and SMEs were given access to financing lines from the BNDE. Moreover, the Bank decentralized its activities and started to operate in partnership with a network of financial institutions throughout Brazil.

In 1966, the Special Agency for Industrial Financing was created incorporating and adopting the acronym of the Financing Fund for Acquisition of Industrial Machinery and Equipment (FINAME), created in 1964.

In 1971, BNDE became a state-owned company, increasing fundraising and investment flexibility.

In the 1970s, the Bank had an essential role in the implementation of the National Development Plan I (PND), launched in 1971, having as priorities the expansion of the capital goods sector and development of the Brazilian industry.

In 1974, the Bank created three subsidiaries to operate in the capital markets, aiming to expand funding options for Brazilian companies. In 1982, they merged to become BNDESPAR.

The early 1980s were marked by the integration of social concerns into the development policy. The change was reflected in the Bank’s name, which became BNDES in 1982, standing for Brazilian national economic and social development bank.

In the 1980s, the Bank also started to encourage exports and created the Exports Financing Program (PROEX) in 1983.

In the 1990s, BNDES started operating in new fields. It played an important role in the privatization of large Brazilian state-owned companies as the body responsible for the administrative, financial, and technical support to the National Privatization Program (PND), which started in 1991.

In the social and environmental field, the main highlights were the creation of BNDES’s Regional and Social Development Division in 1996, the beginning of the Bank’s operation with microcredit, and the creation of the Social Fund in 1997. The concern with the environment increased with the classification of environmental risks of the supported projects.

The 1990s were also marked by the creation of the Long-term Interest Rate (TJLP) in 1994, to reduce the cost of long-term financing and encourage investments, replacing the Reference Rate (TR) used in BNDES’s financing until then.

The 21st century began with the consolidation of social aspects into the Bank’s mission.

The Bank launched the BNDES Card in 2002, as part of its policy to expand credit access to small producers and entrepreneurs.

In 2006, the Criatec program was launched to offer financial and managerial support to innovative companies in their inception, via investment funds.

In 2008, the Amazon Fund was created, promoting initiatives to prevent, monitor, and fight deforestation, as well as initiatives for conservation and sustainable use of the Amazon.

Year 2011 marks the intensification of BNDES’s support to wind energy, which significantly continued over the following years.

In 2013 and 2014, important high and medium capacity transport systems had the support of BNDES, which included urban mobility plans, legacies of the planning for the World Cup and the Olympic Games.

In 2016, the Federal Government’s Investment Partnership Program (PPI) was created and BNDES began leading the concession process and other forms of privatization of the program’s assets.

In January 2018, the TJLP (Long-Term Interest Rate) is replaced by the TLP (Long-Term Rate).

Year 2020 higlighted BNDES’s ability to act counter-cyclically. The Bank’s contribution to expand credit, especially for small and medium-sized companies (SMEs), and maintain jobs and income reinforced the Bank’s role in improving the lives of Brazilians.

In subsequent years, BNDES stood out for its work in structuring concession projects and PPPs for the Brazilian public sector.

During this period, we also acted on promoting sustainability, with both the resumption of the Amazon Fund and new funding from the Climate Fund in 2023.