BNDES will once again finance works abroad, gift for Lula’s bros

The BNDES will once again finance works abroad, the statement was made by President Lula in a speech in Buenos Aires, Argentina, alongside the Argentine President, Alberto Fernández. The two participated in a meeting with businessmen from both countries.

“The BNDES will once again finance Brazil’s trade relations and will once again finance engineering projects to help Brazilian companies abroad and to help neighboring countries to grow and even sell the result of this enrichment to a country like Brazil. Brazil cannot remain distant. Brazil cannot become small”, said Lula.

Lula stated that the idea is for Brazil to become an international “protagonist” in the financing of large projects.

Financing will likely start on the Néstor Kirchner gas pipeline in Argentina, which will be worth around US$689 million. The agreement had already been mentioned by the Secretary of Energy of Argentina, in a statement made in December 2022.

Between 1998 and 2015, the BNDES disbursed US$10.4 billion to undertakings in 15 countries, with US$12.8 billion being returned by September 2022. Of this total, 89% went to six countries:

Angola: $3.2B
Argentina: $2B
Venezuela: $1.5B
Dominican Republic: $1.2B
Ecuador: $684M
Cuba: $656M
Other: $1.1B

Three countries are in default, namely Venezuela (US$681 million), Cuba (US$226 million) and Mozambique (US$122 million), for a total amount of US$1.03 billion accumulated until September 2022. Another US$573 million are about to win from these countries.

The BNDES has not financed projects abroad since 2016, the last disbursement was made to Argentina in April 2015, in the amount of US$1.5 million.

Lula Government 2010: Documents obtained by CNN confirm the accusation made by the president of the National Bank for Economic and Social Development (BNDES), Gustavo Montezano, that Brazil accepted Cuban cigars as collateral for a billionaire loan for the construction of the port of Mariel, in Cuba. Financing of US$ 176 million, which the BRAZILIAN PEOPLE PAY

https://www.cnnbrasil.com.br/politica/documento-mostra-que-charutos-foram-garantia-de-cuba-ao-bndes/ CNN Brasil