Brazil development bank aims to pay out sums totaling 2% of GDP by 2026

Reuters

Published Mar 14, 2023 06:10PM ET

RIO DE JANEIRO (Reuters) - An executive at Brazilian state development bank BNDES said on Tuesday the bank aims to pay out the equivalent of 2% of the country's Gross Domestic Product (GDP) by 2026.

BNDES did not specify the exact figure. According to Brazil's government statistics agency, the country's 2022 GDP amounted to 9.9 trillion reais ($1.88 trillion).

Speaking at a news conference, BNDES planning executive Nelson Barbosa also said there is more credit supply to the bank coming from abroad and that this could unlock more credit for South America's largest nation.

Barbosa added that this credit could be used to financing sustainable projects.