Even with BNDES insurance, Venezuela and Cuba still owe US$529 million to Brazil

According to data available on the website of the National Bank for Economic and Social Development (BNDES), Venezuela and Cuba still owe US$529 million to Brazil for loans contracted during the Worker’s Party (PT) governments.

The amount corresponds to 25% of the total amount lent to the two countries.

Although the amount was covered by the Export Guarantee Fund (FGE), which is funded by the Treasury, avoiding losses to the BNDES, the two “friendly” nations of the PT have defaulted on their loans to Brazil and are considered debtors of the Bank.

According to the BNDES website, of the US$656 million lent to Cuba, US$407 million are still outstanding, US$214 million have been indemnified by the FGE, and US$13 million are awaiting indemnification from the Fund.

In the case of Venezuela, the total still to be paid is US$122 million out of a total of US$1.5 billion.

The FGE, maintained with money from Brazilians, has already been used to cover US$641 million not paid by Venezuela.

The BNDES is still waiting for the indemnity of US$41 million owed by the Venezuelan regime.

Despite this history with socialist regimes, on the 23rd, during a visit to President Alberto Fernandez, Lula da Silva announced the first project of his government: a gas pipeline in Argentina, financed with Brazilian money through BNDES.

The project is expected to cost about US$780 million.

With information from Brasil Sem Medo

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