mgimoreviewВестник МГИМО-УниверситетаMGIMO Review of International Relations2071-81602541-9099MGIMO Universty Press10.24833/2071-8160-2024-1-94-86-112mgimoreview-3617Research ArticleИССЛЕДОВАТЕЛЬСКИЕ СТАТЬИ. Тематический номер «БРИКС в меняющемся мировом порядке»RESEARCH ARTICLES. Special Issue: BRICS in an Evolving World OrderПрепятствия и возможности для активизации деятельности Нового банка развития в БразилииChallenges and Opportunities for Maximizing the Utilization of the New Development Bank in Brazilhttps://orcid.org/0000-0002-7510-5283де КонтиБрунуDe ContiBruno

Бруну де Конти – PhD по экономическим наукам, доцент, Институт экономики; доцент, департамент государственного управления и экономики

353 Pitágoras Street, Кампинас, Бразилия, 13083-857

Bruno De Conti – PhD in Economics, Associate Professor, Institute of Economics; Associate Professor, Department of Public Administration and Economics

353 Pitágoras Street, Campinas, Brazil, 13083-857

deconti@unicamp.brhttps://orcid.org/0000-0002-9959-7243ФаччинСируFaccinCyro

Сиру Фаччин – магистрант, Институт экономики

353 Pitágoras Street, Кампинас, Бразилия, 13083-857

Cyro Faccin – Master’s student in Economic Development, Institute of Economics

353 Pitágoras Street, Campinas, Brazil, 13083-857

cyrofaccineco@gmail.comУниверситет Кампинаса; Дурбанский технологический университетБразилияUniversity of Campinas, Brazil; Durban University of Technology, South AfricaBrazilУниверситет КампинасаБразилияUniversity of CampinasBrazil20241203202417186112Copyright © де Конти Б., Фаччин С., 20242024де Конти Б., Фаччин С.De Conti B., Faccin C.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://www.vestnik.mgimo.ru/jour/article/view/3617

Начав свою деятельность в 2016 году, Новый банк развития (НБР) к концу 2021 года предоставил кредиты на сумму почти 14.6 млрд долларов США. Из них только 1.86 млрд долларов США получила Бразилии (12,8%), что является самым низким показателем среди всех стран-членов Банка. Отталкиваясь от данного факта, мы исследуем причины низкой активности НБР в Бразилии. Методология основана на анализе финансовых отчётов НБР, интервью с релевантными субъектами принятия решений в Бразилии, а также на сравнении институциональной структуры и условий предоставления финансирования НБР и Бразильского банка развития (BNDES). Полученные выводы свидетельствуют о многообразии причин недостаточно активного финансирования бразильских проектов со стороны НБР.  Во-первых, доступ к Бразильскому банку развития (BNDES) в определенной степени снижает потребность бразильских компаний в кредитах от НБР. Во-вторых, и со стороны НБР, и со стороны правительства Бразилии существуют жесткие правила, усложняющие и удлиняющие процедуры предложения и утверждения проектов. В-третьих, несмотря на предусмотренную возможность для НБР предоставлять кредиты в национальных валютах, все кредиты Бразилии до сих пор выделялись в долларах США, что снижает их привлекательность. В-четвертых, в связи с переориентацией внешней политики Бразилии после импичмента 2016 года на сотрудничество с «традиционным Западом», правительство Бразилии не стимулировало использование НБР внутри страны. Таким образом, для активизации финансирования Новым банком развития проектов в Бразилии требуются как пересмотр некоторых процедур согласования со стороны правительства Бразилии, так и более активная и кооперативная позиция самого Банка. 

Initiating its operations in 2016, the New Development Bank (NDB) disbursed close to US$ 14.6 billion by the conclusion of 2021. However, Brazil received only US$ 1.86 billion (12.8%) of this sum, marking it as the recipient of the least funding from the Bank thus far. As the NDB approaches its seventh year of operation, it becomes imperative to assess its lending trajectory to Brazil, scrutinizing both the disincentives and the potential for augmenting loans to the country. With this objective in mind, this article endeavors to delve into the obstacles and opportunities for enhancing the NDB’s utilization in Brazil. Our hypothesis suggests that despite the recent surge in operations, there remains room for advancement, particularly in light of the political developments unfolding in Brazil in 2023.

Methodologically, the study hinges on analyzing NDB financial data, conducting interviews with pertinent stakeholders in Brazil, and scrutinizing and contrasting the financing institutional frameworks of the NDB and the Brazilian Development Bank (BNDES). Our findings indicate that: i) access to the BNDES partially offsets the necessity for Brazilian firms to seek loans from the NDB; ii) a rigid institutional framework within the NDB and the Brazilian government impedes project approval and proposition; iii) all loans to Brazil thus far have been denominated in US dollars, diminishing their attractiveness; iv) there has been a lack of encouragement from the Brazilian national government, attributed to the reorientation of Brazilian foreign policy following the 2016 impeachment. Consequently, achieving a more prominent role and usage of the NDB necessitates not only an institutional reassessment of certain approval processes within the Brazilian government but also a more active, assertive, and collaborative stance from the Bank itself.

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The authors declare that there are no conflicts of interest present.