Weekly Report - 20 October 2011 (WR-11-42)

BRAZIL | Latin America’s development fund. Brazil’s National Development Bank (Bndes), the largest development bank in the world, with total assets of US$365bn in 2011, has funnelled US$5.3bn to Latin America since 2003 for the construction of roads, ports, hydroelectric plants and other major infrastructure projects, according to a recent statement by Brazil’s foreign ministry (Itamaraty). Between 1997 and 2008, it distributed US$7.2bn to the region. The Bndes actually lends more in the region than the World Bank, with Brazilian national champions like Odebrecht often leading the various construction schemes.

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