Brazilian BNDES: 75% of the loans for works abroad benefited Odebrecht

President Luiz Inácio Lula da Silva made it clear this week that the National Bank for Economic and Social Development (BNDES) will finance works in allied countries.

A wave of posts on social networks showed that in the past this type of financing benefited Odebrecht.

The information can be confirmed in the BNDES’ own data, which, as of this Thursday 26th, will be presided over by Aloízio Mercadante, from the Brazilian Workers Party (PT).

He is one of Lula’s oldest allies and was, alternately, minister in three different portfolios during Dilma Rousseff’s government: Civil House, Education, and Science and Technology.

FROM BNDES TO ODEBRECHT

The Brazilian bank injected about US$11 billion into engineering projects abroad between 1998 and 2017. Of that amount, 75% benefited Odebrecht, as exposed on the BNDES website.

That same company made leniency agreements with the Brazilian Justice to return around US$3 billion to the country’s public coffers.

Marcelo Odebrecht, the heir and then CEO of the group, was even arrested amid the corruption scandals in the orbit of the Lava Jato Operation.

Prosecutors accused the company of being part of Petrolão.

Considered the largest corruption scheme in the history of mankind, it diverted billions from the state company’s coffers into the pockets of businessmen and politicians.

The Brazilian construction company went into receivership and even changed its name to Novonor.

WORKS ABROAD

The works financed by BNDES and headed by Odebrecht include projects such as the subway in Caracas (Venezuela), the Mariel Port (Havana, Cuba), and the Nacala International Airport (Mozambique).

The countries housing these structures are leftist dictatorships and are among the largest debtors on these loans.

Venezuela has the largest default: US$641 million.

In second place is Cuba (US$214 million), and Mozambique totals US$122 million in overdue installments.

With information from Revista Oeste