October 1, 2019
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
Brazil's national development bank says it stands to lose $3.5bn from loans it made to the bankrupt conglomerate