RIO DE JANEIRO, BRAZIL - BNDES (Brazilian Development Bank) was created by the federal government with the mission of promoting Brazil's industrial park, but today it finances more agriculture and livestock than industry.
Last year, the government-owned development bank gave 26% of its funds to rural producers and 16% to industrials - that's R$18 (US$3.4) billion or R$11.2 billion in today's values (adjusted for inflation).
Until some time ago, BNDES spent relatively little on rural activities. In 2009, agribusiness received only 5% of the funds, while industry received 47% - R$14.6 billion . . .