The role of National Bank for Economic and Social Development as financier long-term investments: the case of the EBX Group – Brazil

Abstract

The National Bank for Economic and Social Development (BNDES) has been playing a relevant role with long-term financing to large national companies, from the years 2000. Even after privatization, when it ceased to be the state-business, the public sector remains an important officer of the Brazilian productive structure. This article analyses how the BNDES, a subsidiary of shareholding, BNDESPAR, pension funds and private companies are central actors in the understanding of networks owners in Brazil. The expansion of the EBX Group in strategic sectors the data presented on BNDES disbursements and important political alliances of the entrepreneur Eike Batista help illustrate the dynamics of ties between state and domestic private companies, and corroborate the idea that even though changes in performance , the State has not lost centrality in command of the Brazilian economy.