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BNDES, a public bank, is Brazil’s main longterm credit provider. It supports economic policy through financing for companies, PPPs, and projects. It offers direct financing, on-lending to MSMEs, guarantees, and capital market investments. BNDES also provides grants for sustainability and social causes, focusing on economic impact, innovation, and regional development.
The Basic Sanitation Legal Framework set a goal to achieve 99% coverage with potable water and 90% with sewage treatment by 2033. The estimated investment to reach this goal is more than 500 billion reais (80 billion euros). Challenges include public and private investment capacity; structures and governance of subnational regulatory bodies; increasing private sector involvement in financing and operations; and the strong need for investment, especially in poorer regions, where tariffs must be reasonable.
BNDES plays a major role in expanding private sector provision. With the support of BNDES Project Factory, 12 auctions have been held in recent years, encompassing the sanitation services of multiple municipalities in the states of Rio de Janeiro, Alagoas, Amapá, Ceará and Rio Grande do Sul. As concessions and public-private partnerships expand, the role of the private sector. is expected to grow significantly. By 2026, there will have been 10 auctions of the type modeled by BNDES, with an investment of 100 billion reais (approximately 17 billion euros), serving 36 million people. To increase competition, it is important to attract new players into the sector, by making more capital available.
BNDES supports investment by private and public entities, from local to state levels. In the concession/PPPs process, BNDES supports public authorities mostly by providing a modeling service for projects, undertaking studies and building the contractual framework for future concession auctions. Thereafter, BNDES assists companies by offering funding, structuring collateral, and helping to allocate risks appropriately among lenders, sponsors, contractors, and the grantor. Given its thorough project analyses, BNDES’ support has a signaling effect for other co-lenders.
BNDES was the lead developer of the financial solution. It was the first to sign a loan agreement, and established the guarantee and collateral framework; this was later augmented with other co-lenders. BNDES was also the largest and main coordinator of four bonds, totalling more than 7 billion reais (approximately 1.2 billion euros); additionally, it offered a backstop facility of 3.8 billion reais (approximately 630 million euros) to ensure the project was fully-funded, enabling other lenders to join the structure.
Eduardo Nali currently serves as head of the Water and Sanitation department of the Infrastructure division at BNDES (Brazilian Development Bank), responsible for structuring loans and other financing mechanisms for Water & Sewage projects. He holds a degree in Economics from the University of São Paulo, a specialization in Economics from UnB and an MBA in Finance from COPPEAD/UFRJ. He has more than 15 years' experience of financing the industrial and infrastructure sectors.
BNDES, one of the world’s largest public development banks, is Brazil’s key instrument for long-term financing and investment across all sectors. The bank supports entrepreneurs of all sizes by financing investments, underwriting securities, offering guarantees, and providing non-refundable funds. BNDES prioritizes projects that drive social, environmental, and economic impact, fostering innovation, regional development, and social inclusion. In times of crisis, BNDES plays a crucial role in economic recovery, ensuring sustainable growth for Brazil.
