Três décadas - o BNDES depois da estabilização : 1994-2023

Abstract

This paper covers thirty years of data on the evolution of the Brazilian Development Bank (BNDES), from the 1994 stabilisation to 2023, covering a wide range of variables. It shows that the institution’s disbursements, which in the mid-1990s represented 1% of the Gross Domestic Product (GDP), peaked at over 4% of the GDP a decade and a half later, then decreased until reaching the minimum of the series in 2021, and, in 2023, returned to relative levels close to those at the beginning of the series. This pathway was followed by the evolution of the BNDES’ assets, which at December 2023 prices went from values of around R$200 billion at the beginning of the series, to a peak of R$1.5 trillion in 2014, falling to approximately R$700 billion more recently. The article shows the trajectory of several variables and indicators over these thirty years, with various changes, having as a common denominator the institution’s financial strengthening, generating profit in every year in the period, in increasing proportions, with excelente solvency and profitability indicators.