Brazil’s National Bank for Economic and Social Development, known as BNDES, reported a first-quarter profit of R$3.1 billion in 2026, up 17% from the same period a year earlier, according to Diario do Estado GO. The state development bank also expanded total disbursements to R$36.2 billion, a 44% increase from the first quarter of 2025.
The figures point to a broader use of public development credit at a time when Brazil’s benchmark Selic interest rate stands at 14.75%, according to the same report. BNDES credit is particularly relevant in Brazil because the bank often finances projects and companies that need longer maturities than commercial lenders typically offer.
Aloizio Mercadante, the bank’s president, said the key point was “growth with quality,” referring to the reported preservation of the loan portfolio. Diario do Estado GO reported that BNDES delinquency stood at 0.046%, below the broader financial system average cited in the source.
The expansion was not evenly distributed across the economy. Industrial approvals rose 67% to R$8 billion. Infrastructure received R$13.4 billion, up 51%. Agriculture received R$9.1 billion, a 40% increase. Approvals for micro and small businesses reached R$29 billion, up 120% from the first quarter of 2025, while total support for those firms, including fund guarantees, reached R$49.8 billion.
Those numbers matter because Brazil’s smaller companies often face tighter access to credit, especially when interest rates are high. Diario do Estado GO reported that BNDES financing for some small-business plans may be around 3.5% per month, compared with market rates that often exceed 4% per month and consumer or personal credit rates around 7% per month. The report also said access still depends on conditions such as documentation, guarantees and proof of repayment capacity.
The bank’s role is also expanding in transport infrastructure. Diario do Transporte reported that BNDES will have a financing line of up to 40 years for railway projects in Brazil. The announcement was made on June 11, 2026, during the event “Novos Caminhos sobre Trilhos: O Futuro das Ferrovias no Brasil” at B3’s Arena in Sao Paulo.
According to Diario do Transporte, the measure is part of the Transport Ministry’s agenda to attract private-sector participation in logistics infrastructure and to improve financing conditions for projects with high upfront costs and long financial returns. Railway projects often require extended construction and maturation periods, making long-term financing central to concession and authorization models.
The ministry presented the rail agenda to financial-market representatives, logistics operators, freight transport companies and sector participants. The stated goal was to connect investors with future projects and support Brazil’s logistics corridors, which link producing regions, consumer centers and ports.
Operational details of the new BNDES rail line, including eligibility criteria, contracting conditions, grace periods and other requirements, had not yet been disclosed in the Diario do Transporte report. That leaves the market waiting for the terms that will determine whether the announcement becomes a practical financing tool or remains a policy signal.
Together, the reports show a development bank increasing credit while the federal government seeks to use long-term financing to unlock infrastructure investment. The central question is execution: whether BNDES can expand credit without weakening portfolio quality, and whether rail projects can attract private capital under terms that make economic sense.