Venezuela and Cuba still owe Brazil $529 million in BNDES loans

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Venezuela and Cuba still owe US$ 529 million, which is equivalent to 25% of the total loaned by the National Bank for Economic and Social Development (BNDES) to the two countries during the Lula and Dilma governments, according to data available on the state bank’s website.

Even the total already settled was not paid by Cuba and Venezuela, which ended up defaulting. The BNDES had to activate the guarantees in order to receive it. The loans were paid by the Export Guarantee Fund (FGE), which is funded by the Treasury.

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In a meeting this Monday (23) with Argentine President Alberto Fernandez, President Luiz Inácio Lula da Silva said that the Brazilian government intends to resume financing engineering services by the BNDES, which were interrupted after the corruption scandals revealed by the Operation Lava Jato.

The objective is to help build the gas pipeline that would connect the mega gas field of Vaca Muerta in Argentina to Porto Alegre, in Rio Grande do Sul.

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BNDES data reveal that, of the US$ 656 million loaned to Cuba, US$ 407 million have yet to mature. There are 214 overdue installments compensated by the FGE and 13 still to be paid.

In the case of Venezuela, the total still to be paid is lower: US$ 122 million out of a total of US$ 1.5 billion. There have already been 641 installments indemnified to the BNDES by the FGE, that is, by the Brazilian taxpayer, and 41 still to be indemnified.

Source: CNN Brasil

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