Paulo Rabello de Castro, CEO of state-run Banco Nacional de Desenvolvimento Econômico e Social, said the development bank would make a repayment of 30 billion Brazilian reais to the country's National Treasury in the next few days, as a part of the payment plan that sees BNDES turning over 130 billion reais in 2018, Valor Econômico reported.
Castro reportedly also said BNDES was "making an effort" to pay the remaining 100 billion reais before a Feb. 23 deadline. Earlier this month, the executive had cast doubt over the payments due to other commitments of the bank.
Under the leadership of Luiz Inácio Lula da Silva and Dilma Rousseff, the National Treasury had transferred more than 500 billion reais into BNDES. The development bank returned more than 100 billion reais in 2016 and about 50 billion reais in 2017 to the state, which is struggling with a budget deficit in the aftermath of the country's severe recession.
As of Feb. 1, US$1 was equivalent to 3.17 Brazilian reais.
