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BNDES contradicts Lula da Silva on foreign financing

The National Bank for Economic and Social Development (BNDES) took a position on President Lula da Silva's recent statements about lending money to other countries, especially Latin American ones.

During a meeting in Buenos Aires, on Monday 23rd, the president said that BNDES will go back to financing works abroad.

In the past, Brazil has incurred losses due to defaults on these loans.

The BNDES said there is no demand for the funding of infrastructure works . . .

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