BNDES braces for billions in losses from Odebrecht

BNDES braces for billions in losses from Odebrecht

Loans Debt Project & Infrastructure Finance Brazil

Brazil's national development bank BNDES said it could lose up to BRL14.6bn ($3.51bn) from loans it made to Odebrecht, the local conglomerate that filed for bankruptcy in June. The bank added that it could lose BRL3.7bn from export financing and BRL8.7bn from loans to Odebrecht's subsidiaries.  In all, BNDES granted BRL32.9bn in loans to Odebrecht from 2003 to 2018, but the total rises to BRL51.3bn when adjusted for inflation, the bank said in a press release. Among the loans to Odebrect and its

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial