The head of the National Bank for Economic and Social Development (BNDES), Aloisio Mercadante, said that the development bank’s disbursements should exceed the R$133 billion recorded last year, despite the high interest rate scenario.
Mercadante stressed that the bank’s release of resources increased by 17% in the nine months of 2025, compared to the same period last year, and should remain on this path until December.
“It depends on the pace of projects and accountability, but this has a natural rhythm. We will have an increase in spending,” he told Valor after announcing a R$60 million sponsorship from BNDES to the Brazilian Judo Federation.
According to the president, the main challenge facing the institution is to continue encouraging investments despite the high SELIC rate, which currently stands at 15% annually.
“Since there is a slowdown in credit, we have to make an effort to maintain and, above all, form partnerships to leverage private capital. Investments are happening even with Selik at the level it has reached,” he said.
Mercadante said he was confident that the decline in inflation was “stable and sustainable.” According to him, future interest expectations already point to lower interest rates next year.
He noted that the bank has resumed investments in variable income with investments amounting to R$10 billion via company shares or funds through BNDESPar, the equity arm of the institution.
He added: “We are fully prepared to face the challenges of next year. Structurally, we feel strong growth. In a lower interest rate scenario, we will move faster.”
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