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Cuba and Venezuela Owe More Than R$ 9 Billion to BNDES for Publicly Funded Works, Debt Covered by the Government Guarantee Fund. Understand How It Works
Cuba and Venezuela remain at the center of one of the biggest controversies involving Brazil’s international financing policy. According to data from BNDES and the National Treasury, the two nations together have accumulated nearly R$ 10 billion in debts resulting from infrastructure projects funded with Brazilian public resources. Among the projects are subways, ports, roads, and power plants, mostly carried out by major national construction companies in the 2000s and 2010s.
The billion-dollar amount does not show up as an immediate loss on BNDES’s accounts thanks to the Export Guarantee Fund (FGE), a mechanism funded by the National Treasury that covers defaults. In practice, this means that the cost falls on the Brazilian taxpayer, fueling the debate about the risks and viability of this financing model.
Cuba and Venezuela’s Debts to BNDES Exceed R$ 9 Billion
BNDES’s international credit policy gained traction in the early 2000s as a strategy for internationalizing Brazilian construction companies and strengthening economic diplomacy. The goal was to open markets for national companies and expand Brazil’s influence on the geopolitical stage.
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In Venezuela, the funds were used in sections of the Caracas and Los Teques subways, modernization works at the Port of Puerto Cabello, and the construction of strategic highways. In Cuba, the highlight was the Port of Mariel, considered the largest Brazilian investment abroad, as well as improvements in roads and energy projects.
Understand the Value
Accumulated Debts (Cuba + Venezuela)
- Venezuela
- Amount contracted with BNDES: ~US$ 1.27 billion (about R$ 6.6 billion at current exchange rates).
- Of this amount, over US$ 641 million has already been compensated by the Export Guarantee Fund (FGE).
- Approximately US$ 54 million remain unpaid + other delays in renegotiation.
- Cuba
- Amount contracted with BNDES: ~US$ 656 million (about R$ 3.4 billion).
- The FGE has already compensated about US$ 214 million.
- There are US$ 407 million in arrears, with no regular payments.
Total Value (Cuba + Venezuela)
- US$ 1.27 billion (Venezuela) + US$ 656 million (Cuba) ≈ US$ 1.926 billion
- In reais, this amounts to about R$ 10 billion today.
In other words: Cuba and Venezuela together owe nearly R$ 10 billion to BNDES, and a large part has already been “covered” by the Guarantee Fund, but the Brazilian government is still trying to recover the amounts directly from the debtor countries.
Guarantee Fund Covers Costs and Prevents Immediate Loss to BNDES
The delinquency of the two countries, aggravated by political and economic crises, led BNDES to activate the Export Guarantee Fund (FGE). According to official data, more than US$ 850 million has already been paid by the National Treasury to cover delays from Cuba and Venezuela. This amounts to billions of reais disbursed by the Brazilian taxpayer.
Without the guarantee fund, BNDES would have recorded significant losses on its balance sheet. However, transferring risk to the Treasury raises criticisms about the social cost of these financings.
International Debt Renegotiations Still Do Not Yield Results
Despite numerous attempts at renegotiation, the amounts remain outstanding. In the case of Cuba, talks are ongoing to extend deadlines and relax payment terms. Meanwhile, Venezuela, immersed in an economic crisis and under international sanctions, continues to have recurring delays even after rescheduling agreements.
Experts warn that a significant portion of these resources is unlikely to be recovered, as sovereign contracts do not allow direct enforcement on the assets of debtor countries.
Political Controversy: BNDES, Cuba and Venezuela Divide Opinions in Brazil
Funding projects in countries like Cuba and Venezuela has always generated heated political disputes in Brazil. Critics argue that the contracts were driven by ideological affinities and put billions of reais at risk.
Supporters claim that these investments helped consolidate the presence of Brazilian companies abroad and generated thousands of jobs in the country.
Recent transparency reports from BNDES confirm that Cuba and Venezuela are among the largest external debtors of the bank, reigniting the discussion about the need to revise the international credit model adopted by Brazil.
Nearly R$ 10 Billion at Stake: Fiscal Risk and Impact on the Brazilian Taxpayer
More than just a political dispute, the case illustrates the challenges of reconciling economic diplomacy and fiscal responsibility.
Brazil faces the dilemma of demanding debtor countries comply more firmly, risking diplomatic tensions, or continuing to relax deadlines, acknowledging the possibility of never recovering some of the amounts.
With nearly R$ 10 billion in outstanding debts, pressure is likely to increase in election years and during moments of fiscal adjustment, when the topic of using BNDES resources abroad inevitably returns to the center of public debate.
Engraçado, Brasil que ainda tem por melhorar rodovias e pontes que ficam caindo por falta de manutenção e tem dinheiro que e cobrado da classe trabalhadora para financiar outros projetos ajenos do país. Onde Cuba nunca utilizou esse fundo oara melhorar nihuma rodovias no país, onde foi esse fundo para melhorar a infraestrutura elétrica. Sem na atualidade e um povo que sufre de inúmeros cortes elétricos por prolongadas horas. Só pilantragem entre governos para enriquecer ainda mais o sistema comunista da Isla e que a população se **** passando fome e necessidade de inúmeros insumos. E triste mais e a realidade do Cubano hoje em dia. Onde o Governo cubano e quem melhor vive na Isla sendo sustentado.por a grande quantidade de Imigrantes que tentam de uma forma u outra manter com vida deus seres queridos que ficarem atrás e não tiverem sorte de fugir de um “Sistema Comunista” que so esclavisa sua população.
Caro amigo. Sei que existência ignorância que não é o seu caso. Mas existe a danosa ideologia que é perniciosa: olha o que o bananinha disse: pode até jogar bombas no Brasil mas eu me sentirei vingado! Outro, explodiu a própria cabeça!
O bndes, o sr sabe NÃO PODE financiar países. A CF não permite. Ele financiou empresas nacionais (que depois a lavajato, digo Moro, Dallagnol que, em conluio com interesses americanos, destruiu as empresas qdo deveriam apenas cobrar de seus proprietários. A empresa não pode ser culpada de nada. É um ser inerte, certo? ). Continuando… o BNDES financiou empresas nacionais para trabalharem no mundo todo. Inclusive em Cuba e Venezuela! Que pagavam até a Lavajato chegar e pararem as obras.
Se os americanos (que nos fazem de quintal deles com auxílio de nossa ignorância e ideologia malignas) não bloqueassem esses dois países eles seriam grandes nações. Ditaduras ? Mas os países árabes ? Onde tem ditaduras mais ferrenhas ? Mas, lá os EUA têm interesses estratégicos e tudo bem. E vcs nada dizem. Finalizando : não é o regime em Cuba e Venezuela que atrapalham mas o bloqueio econômico total americano. É isso que você deveria estar discutindo e não buscando culpar governos fora da sua ideologia. Isso só traz o mal ao país e seu futuro como nação agora novamente ameaçado de não se desenvolver e continuar subdesenvolvido como os EUA precisam. E você deveria perceber. No mínimo. Obrigado
Enquanto reclama de 10 bilhões os parlamentares brasileiros desviaram do orçamento executivo mais de 50 bilhões por ano durante esses últimos 5 anos.