TCU clears BNDES, but bank awaits law for exports – 03/05/2024 – Panel SA

The BNDES will await the approval of a bill with rules for the export of services to resume financing Brazilian engineering companies.

The decision comes in the wake of the judgment by the TCU (Federal Audit Court) which, this Tuesday (5), cleared bank managers who were responsible for alleged irregularities in contracts of construction companies investigated by Lava Jato.

According to BNDES legal director, Walter Baère, the trial was a first step towards a stronger legal framework.

“We will wait for the approval of the bill that is being processed in Congress and its regulation to start again with financing,” Baère told Panel SA.

The bank executive believes that this recovery is important for the economy.

“At the height of these operations, BNDES financed service exports from 1,400 Brazilian companies,” he said. “It was cutting-edge engineering services. It stimulated a national heavy machinery industry.”

The process had been underway at the TCU since 2016 and involved 67 financing operations for the export of services to other countries, such as Angola, the Dominican Republic, Honduras, Guatemala and Ghana.

With Diego Felix

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