O novo BNDES

Abstract

The article examines the strategic repositioning process of the Brazilian National Banck for Economic and Social Development (BNDES), known as the "New BNDES", launched in 2023 under the third Lula administration. The objective is to restore the institution’s leadership in Brazil’s development agenda by expanding its role thorough new financial instruments and a diversified funding structure. Discusses the economic dynamism-highlighting the BNDES’s role as a countercyclical agent and a key architect of public policy. The article analyzes the trajectory of BNDES assets relative to GDP, changes in the Worker Support Fund (FAT), and the new instruments under implementation, such as the Climate Fund, the Emergency Program for Rio Grande do Sul, and the Sovereign Brazil Plan. It also addresses the creation of the Nacional Fund for Investment in Social Infrastructure (FIIS), aimed at strengthening public health, education, and public security. The “New BNDES” seeks to consolidate itself as a strategic actor in national development, combining financial sustainability with social and environmental impact, while aligning its operations with the major challenges of the twenty-first century. The Bank reaffirms its historical identity as a state instrument for enabling structural transformation, with an emphasis on a greener, more innovative, and more inclusive economy.