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BNDES launches 2030 development plan, names new directors

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BNDES launches 2030 development plan, names new directors

Banco Nacional de Desenvolvimento Econômico e Social has hired independent international consultants to help the state development bank reassess its role in the Brazilian economy leading up to the year 2030, it announced in a press conference on Aug. 11, O Globo reported.

BNDES will work toward a medium-term goal in 2023 and a long-term goal to 2030 — a move that Carlos da Costa, BNDES' head of planning and research, reportedly described as the "greatest strategic planning in the history" of the bank.

"We are doing a deep reevaluation of how a modern development bank should be, a bank whose role is to integrate different political and business visions," Costa reportedly said.

Carlos Thadeu de Freitas, head of BNDES' department of credit, finance and international affairs, said the bank's priority was to recover its credit disbursement levels, but said it depended on a drop in interest rates, according to the report. Earlier in the month BNDES CEO Paulo Rabello De Castro said the development bank hoped to disburse 100 billion reais in credit in 2018.

Costa and de Freitas are new directors at BNDES. Both were appointed after Vinícius Carrasco and Claudio Coutinho resigned in July.

Separately, Valor Econômico reported that minority investors in Brazilian road operator Triunfo plan to sue BNDES for utilizing privileged information regarding debt renegotiations.

According to the allegations the bank's investment unit BNDES Participações S.A., or BNDESPAR, reduced its shareholding in Triunfo on the eve of it submitting an application for the ratification of a debt restructuring plan. The group of the minority shareholders say the bank, Triunfo's largest creditor, sold shares to have voting rights negotiations for the extrajudicial recovery process, according to the publication.

BNDESPAR reportedly denied the allegations and said the decision was based on public information.

As of Aug. 11, US$1 was equivalent to 3.18 Brazilian reais.