Crédito para Investimento da Agropecuária Brasileira e o Papel do BNDES

The report examines BNDES's impact on Brazilian agricultural investment credit, noting that disbursements nearly quadrupled in real terms between 1995 and 2020. The bank's credit is heavily concentrated in crop activities, particularly soy, and the acquisition of harvesters and tractors. Geographically, the Center-West region has become the primary recipient of these funds, reflecting the expansion of the agricultural frontier. Unlike general rural credit in Brazil, which is dominated by public banks, BNDES equipment credit is primarily channeled through private commercial banks and manufacturer-owned banks.

• BNDES disbursements to the rural sector grew significantly between 1995 and 2020, nearly quadrupling in real terms, driven by government efforts to modernize Brazilian agriculture.
• BNDES credit is primarily concentrated in crop activities rather than livestock, with soy being the leading agricultural product financed for the purchase of machinery and equipment; soy's share of equipment credit rose from approximately 30% in 2008 to 61% in 2018.
• The most financed equipment types are harvesters and tractors, which together accounted for 60% of the total equipment credit volume in 2018.
• The Center-West region has become the largest recipient of equipment loans, reaching a 36% share of total resources in 2018, an increase of 10 percentage points between 2005 and 2018, aligning with the expansion of the agricultural frontier.
• BNDES equipment credit is predominantly distributed via private agents, specifically manufacturer banks (55%) and private commercial banks (35%) as of 2018, which differs from general Brazilian rural credit where public banks, especially Banco do Brasil, are the main operators.
• The indirect modality, where BNDES passes resources to other financial agents who assume the credit risk, is the dominant form of rural lending, representing 99% of the credit volume in 2020.
• The ABC Program is highlighted as a sustainability initiative that finances investments aimed at reducing environmental impacts and adopting low-carbon technologies.

APA

Souza, P., Sant´Anna, A., Machado, L., Intropidi, B., Vogt, P., & Assunção, J. (2021). Crédito para Investimento da Agropecuária Brasileira e o Papel do BNDES. Climate Policy Initiative. https://www.climatepolicyinitiative.org/wp-content/uploads/2021/12/DQ-BNDES_PT.pdf

Chicago

Souza, Priscila, André Sant´Anna, Luciano Machado, Barbara Intropidi, Pedro Vogt, and Juliano Assunção. Crédito para Investimento da Agropecuária Brasileira e o Papel do BNDES. Climate Policy Initiative, 2021. https://www.climatepolicyinitiative.org/wp-content/uploads/2021/12/DQ-BNDES_PT.pdf.

Wikipedia

{{cite report |last1=Souza |first1=Priscila |last2=Sant´Anna |first2=André |last3=Machado |first3=Luciano |last4=Intropidi |first4=Barbara |last5=Vogt |first5=Pedro |last6=Assunção |first6=Juliano |title=Crédito para Investimento da Agropecuária Brasileira e o Papel do BNDES |publisher=Climate Policy Initiative |date=December 2021 |url=https://www.climatepolicyinitiative.org/wp-content/uploads/2021/12/DQ-BNDES_PT.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{souza2021crdito, author = {Souza, Priscila and Sant´Anna, André and Machado, Luciano and Intropidi, Barbara and Vogt, Pedro and Assunção, Juliano}, title = {{Crédito para Investimento da Agropecuária Brasileira e o Papel do BNDES}}, institution = {Climate Policy Initiative}, year = {2021}, month = dec, url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2021/12/DQ-BNDES_PT.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }