July 01 2009
BNDES: Market Savior or Inhibitor?
The BNDES provides critical long-term and affordable funds in severe market stress. It insists that a flood of subsidized money complements, rather than crowds out, the private sector.
by Dan Shirai
The BNDES’s mandate in Brazil has been expanded dramatically under the Lula administration. The bank’s 2009 disbursements are expected to top 100 billion reais, nearly three times the IDB’s estimate for 2009 approvals. This year’s BNDES disbursements will be four times what it distributed in 2001.
Amid crisis, the development bank has responded rapidly to ...
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