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News > Latin America

Bolsonaro Vows to Investigate Development Bank's 'Black Box' of Secret Transactions

  • Brazil's President-elect Jair Bolsonaro talks to the media, in Brasilia, Brazil on Nov. 7, 2018.

    Brazil's President-elect Jair Bolsonaro talks to the media, in Brasilia, Brazil on Nov. 7, 2018. | Photo: Reuters

Published 9 November 2018

The President-elect Jair Bolsonaro, who takes office on Jan. 1, vows to probe Brazil's public development bank.

Brazilian Right-wing President-elect Jair Bolsonaro vowed in a tweet, on Thursday, to investigate the National Bank for Economic and Social Development (BNDES) for corruption and to open its "black box" of secret transactions.

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During election campaigns, Bolsonaro criticized the BNDES for funding projects such as a container terminal at Cuban port Mariel, which he stated has nothing to do with Brazil's national interests. After Bolsonaro raised questioned the BNDES investments, the BNDES Workers Association (AFBNDES) invited the right-wing politician to improve "the quality of the public debate."

"The BNDES discloses its operations in a broad and transparent manner, unparalleled with any other bank… there is no evidence to date that the BNDES employees are acting in any corruption scheme," according to a    press release from the AFBNDES.

According to the information available for 2011, the BNDES disbursed funds totaling US$83 billion, an amount which was greater than the World Bank, the Inter-American Development Bank, and the International Monetary Fund funds put together, in Brazil, Latin America and Africa. Nevertheless, the institution's lending dropped off due to Brazil's deep 2015-2016 economic recession.

"I pledge to start my mandate determined to open the BNDES black box and reveal to the Brazilian people what they have done with their money". 

The state financial company, which is associated with the Ministry of Development, Industry and Trade, is currently the largest development lender in the Americas.

The Workers Association further added that it is important to clarify that, besides regularly reporting to the Brazilian Central Bank, the Bank has been investigated by various control bodies, over the past four years.

“To date, there is no evidence to compromise the performance of BNDES employees in any corruption scheme”,  the AFBNDES stated.

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