# BNDES expands large overseas lending during Lula’s second term

Date: 2009

## The fact

In the late 2000s BNDES expanded large overseas credits, including to projects in Cuba, Venezuela, and African states, as industrial diplomacy during Lula’s second term.

## Context

BNDES is a state bank. Neighbouring PAC is domestic investment. He did not sit as every credit officer.

PAC 2007 is neighbouring domestic. Mensalão is a different integrity file.

The President of Brazil heads the federal executive, sanctions statutes, and commands the armed forces as a political principal. He does not write STF judgments, INPE satellite pixels, a US tariff proclamation, or a Venezuelan CNE tally. Congress, governors, Petrobras, and coalition partners share specific files.

## Evidence and sources

Brazilian Development Bank carries the official instrument or communique. Reuters records the same dated act independently.

## Significance

The path is [fiscal-policy sustainability](/drivers/fiscal-policy-sustainability) and industrial policy: a completed overseas-credit expansion is mixed. Primary sign here is worsening fiscal-and-credit risk, with an industrial FDI.

## What is established and what is not

Established: late-2000s BNDES overseas expansion during his presidency, independently reported.

Not established: a unique later default coefficient from one May day, or that every later Cuban port was this board minute.

What would change the picture: a contradictory original with a different date or name, a later repeal, a court that vacated the instrument, or a measured series that can be argued, with lag and alternatives, as a consequence of this instrument rather than of later institutions.

The date is the date of this instrument, not a licence to back-date every later harm or benefit.

BNDES lent. Counterpart states borrowed. Later governments inherited the book.. A later repeal, court stay, or successor order would be a different Fact with a different date. That pair identifies BNDES expands large overseas lending during Lula’s second term, not a later speech about BNDES expands large overseas lending during Lula’s second term.

Co-authors and later implementers named in Context remain on the file. BNDES expands large overseas lending during Lula’s second term on 2009-05-20 is not a licence to treat every later Brazilian Development Bank communique as this same act. If a later repeal, stay, or successor instrument exists, it needs its own date and its own row. This dossier refuses to average BNDES expands large overseas lending during Lula’s second term into a personality. The contribution described on this Person row is limited to He set industrial-diplomacy weather. BNDES lent. Counterpart states borrowed. Later governments inherited the book. That limit is the alternative to treating office-holding as authorship of every later series.

## People

- Luiz Inácio Lula da Silva: https://factrail.ai/people/lula

## Drivers

- Fiscal-Policy Sustainability: https://factrail.ai/drivers/fiscal-policy-sustainability
- Industrial-Policy Activism: https://factrail.ai/drivers/industrial-policy-activism

## Sources

- https://www.reuters.com/article/us-brazil-bndes-idUSTRE54J4N120090520
- https://www.bndes.gov.br/

## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/br-bndes-2009