Brazil’s National Bank for Economic and Social Development (BNDES) has achieved a new milestone in innovation financing by approving R$5.9 billion ($1.1 billion) in innovation loans from January to August 2024. This amount surpasses the total innovation funding for the same period in the past five years combined, driven by the BNDES Mais Inovação program. The program, launched a year ago, accounts for 76% of the bank’s innovation loans this year, with pharmaceutical companies leading the beneficiaries.
President Lula’s directive to promote technological transformation in the industry aligns with BNDES’s goal of enhancing industrial competitiveness and creating highly skilled jobs. Since its inception in September 2023, the program has disbursed R$8 billion ($1.45 billion) to national companies, with the pharmaceutical sector receiving the largest share.
Accelerating Innovation with Strategic Loans
Major companies like Weg, Volkswagen, and Embraer have benefited from substantial loans through the program, accelerating their innovation projects. BNDES aims to diversify its loan portfolio to smaller companies and less developed regions, signaling a significant shift in Brazil’s industrial policy towards technological advancement and economic growth.
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