Regional Financial Institutions and the Role of the BNDES in Latin America

This research paper examines the role of the Brazilian Development Bank (BNDES) in Latin America, finding that while it provides significant financing for infrastructure and capital goods, its activities are primarily market-driven and designed to support Brazilian exports rather than state-led regional integration. Between 2009 and 2013, BNDES disbursements to Latin America grew significantly, particularly to Venezuela and Cuba, though the bank faces criticism over project sustainability and the concentration of funds among a few large Brazilian firms.

• The BNDES operates primarily as a national development bank focused on Brazil's social and economic development, but it uses its post-shipment credit lines to finance the purchase of Brazilian goods and services by foreign entities. In 2013, total disbursements for export financing reached $7.1 billion, with post-shipment lines accounting for 35% of that total.
• Latin America has become the primary destination for BNDES export financing, with its share of loans increasing from 34% in 2009 to 57% in 2013. This growth was largely driven by a significant increase in disbursements to Venezuela, which grew by more than 1,000% between 2009 and 2013, and Cuba, which expanded by 269% over the same period.
• BNDES financing in Latin America is heavily concentrated in infrastructure and capital goods. Between 2009 and 2013, disbursements to the infrastructure sector in Latin America totaled $4.09 billion, representing a growth rate of 82.5% over that period.
• Despite Brazilian government rhetoric regarding 'solidary' regional development and South-South integration, BNDES disbursements appear to be market-driven, following the dynamics of Brazilian trade and the demand for financing from Brazilian companies seeking new markets.
• BNDES export financing is highly concentrated among a few large firms; in the five years prior to the report, 81% of total disbursements were received by only two companies: Odebrecht and Embraer.
• The international role of BNDES faces criticism regarding the sustainability of its projects, specifically concerning environmental and social impacts, indigenous rights, and a lack of transparency and citizen participation.

APA

Sampaio, A. V. (2015). Regional Financial Institutions and the Role of the BNDES in Latin America. South African Institute of International Affairs. https://saiia.org.za/wp-content/uploads/2015/04/BRICS-Insights-5.pdf

Chicago

Sampaio, Adriano Vilela. Regional Financial Institutions and the Role of the BNDES in Latin America. South African Institute of International Affairs, 2015. https://saiia.org.za/wp-content/uploads/2015/04/BRICS-Insights-5.pdf.

Wikipedia

{{cite report |last1=Sampaio |first1=Adriano Vilela |title=Regional Financial Institutions and the Role of the BNDES in Latin America |publisher=South African Institute of International Affairs |date=2015 |url=https://saiia.org.za/wp-content/uploads/2015/04/BRICS-Insights-5.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{sampaio2015regional, author = {Sampaio, Adriano Vilela}, title = {{Regional Financial Institutions and the Role of the BNDES in Latin America}}, institution = {South African Institute of International Affairs}, year = {2015}, url = {https://saiia.org.za/wp-content/uploads/2015/04/BRICS-Insights-5.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }