Different economic perspectives share the view that there is room for development banks in the world, even in environments characterized by greater economic predictability and low inflation and real interest rates, since market failures and public policy missions exist in every economy, at various stages of development.

In this context, Brazil has had BNDES since 1952—a bank that, over the past seven decades, has promoted the development of much of the country’s infrastructure and national industry. It has also conducted early studies on economic liberalization and served as a hub for reflection on privatization, among other topics.

In recent decades, starting in the 2000s, the Bank became more deeply involved in sustainability discussions, which was reflected in its actions in this field (as evidenced by its selection as the manager of the Amazon Fund, for example). It also became a benchmark in areas such as monitoring and evaluation and public transparency.

Following the efforts of previous publications (BNDES, 1992; Além, 1997), which presented annual data from the Bank’s first four decades of operation, Discussion Paper No. 163, “Three Decades – BNDES After Stabilization: 1994–2023”, seeks to update those works for the period following the July 1994 economic stabilization.

The study aims to provide all interested parties with a set of quantitative and qualitative data from BNDES over three decades—from 1994 (in some cases) to 2023—to better understand its performance, while also serving as another channel for institutional accountability.

The publication outlines the trajectory of various variables and indicators over these thirty years, with a common denominator being the financial strengthening of the institution, which posted profits every year during the period, with increasing proportions and excellent solvency and profitability indicators.

It presents data such as the evolution of disbursements from 1995 to 2023, the Bank’s asset trajectory, funding sources, and the composition of profits over time. The document also includes information on National Treasury loans to BNDES, explanations about the introduction of the Long-Term Rate (TLP), and BNDES’s share in total bank credit within the National Financial System. Finally, it presents the current profile of disbursements and the Bank’s recent performance.