Economist Paulo Rabello de Castro became president of the Brazilian Development Bank (BNDES) in a ceremony held on Thursday, June 1st, in which he also transmitted the Presidency of the Brazilian Institute of Geography and Statistics (IBGE), to economist Roberto Olinto Ramos, a position he had held for almost a year. The event was attended by the Ministers of Planning, Dyogo Oliveira, and Economy, Henrique Meirelles, in addition to representatives from political, academic and business areas as well as employees from the Bank and IBGE.

 

In his inaugural speech as the 35th president of BNDES, Rabello de Castro highlighted the key role of the Bank in financing the necessary long-term investments for the development of the country. “We need a long-term vision and this Development Bank has a lasting relationship to long term,” he stated. The president of BNDES also drew attention to the importance of the Bank in the current process of resumption of economic growth. When thanking the presence of Senator Paulo Bauer (PSDB-SC) and Congressman Carlos Melles (DEM-MG), who composed the table, Rabello de Castro defended the need for approval of reforms in Congress to boost the economic recovery of the country.

 

The president also welcomed the presence of representatives of business entities such as the Federation of Industries of São Paulo (FIESP), the Federation of Industries of Rio de Janeiro (FIRJAN), the Brazilian Association of Industries of Machinery and Equipment (ABIMAQ), and the Aço Brasil Institute, and promised to support the resumption of investments in the industrial sector. “The industry is our absolutely fundamental concern,” he stated. He also committed himself to a better relationship of BNDES with leaders of the infrastructure and agribusiness sectors.

 

Priority for MSMEs – Rabello de Castro stated that he shall take the expansion of access of micro, small and medium-sized enterprises (MSMEs) to credit from BNDES as priority, a request of the Federal Government reiterated at the ceremony by the Minister of Planning. The president of BNDES also established a lead role in the development of the capital market as a priority mission of the Bank. “There is no development without investment, but there is no development if a thriving capital market does not exist,” he said.

 

In the presence of the President of the Advisory Board of BNDES, Esteves Colnago, and Fernando Soares, President of the Advisory Board of BNDESPAR, Rabello de Castro stressed “the character and technical value” of employees of BNDES when thanking the work of the Director of Indirect Operations and Foreign Trade of the Bank, Ricardo Ramos, as acting president of the institution. “I would like to give a very fraternal hug to my new colleagues of BNDES and say to them I am here to represent them with the same care, the same fervor and passion that I dedicate to all great missions,” he said. The president praised the management of his predecessor, Maria Silvia Bastos Marques, whose main guidelines he intends to maintain. He also publicly confirmed the invitation to all Directors to remain in office.

 

In the middle of the ceremony, Rabello de Castro broke protocol to honor his mother, Geralda. In a gesture of affection he went to meet her in the auditorium to give her a flower arrangement.

 

Biography – Graduated in Economics from the Federal University of Rio de Janeiro (UFRJ) and in Law from the State University of Rio de Janeiro (UERJ), Paulo Rabello de Castro is PhD in Economics by the University of Chicago. Founder of SR Rating, first Brazilian credit risk ranking company, he is also the author of over ten books, solo or in co-authorship. He is ex-president of Lide Economia and coordinated the “Brasil Eficiente” [Efficient Brazil] Movement until June 2016. In July 2016, he assumed the Presidency of the Brazilian Institute of Geography and Statistics (IBGE).