Less than half of the $7 billion that Brazil's development bank committed since 2009 has been disbursed. As it withdraws from foreign projects, BNDES is beset by scandal.
Through development bank BNDES, it was hoped, Brazilian engineering firms would muscle into the international market. Now, after bribery allegations surfaced and the bank suspended foreign financing, half-built projects have accumulated in Venezuela, Africa, and the Caribbean.
David Biller writes, "Brazil's development bank, once a rival to the World Bank by both the size of its loan portfolio and disbursements, retreats following accusations of gross overreach and questionable spending. Of the $7 billion that BNDES committed to 25 construction projects abroad since 2009, only $2.3 billion has been disbursed."
To a nation already suffering on the world stage after President Dilma Rousseff's impeachment, the BNDES fisaco is another blow. "In its wake, the bank's withdrawal behind Brazil's borders has left a trail of unfinished projects from Latin America to as far away as Africa, as well as frustrated foreign leaders."
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