By Brazil Stock Guide – Brazil’s development bank BNDES plans to launch an investment fund focused on artificial intelligence and data-center infrastructure in early 2026, according to director of planning and institutional relations Nelson Barbosa, as first reported by Valor Econômico.
Barbosa said on Monday (1) that the bank is still defining the size of the initial commitment. The initiative was first mentioned in July, when he said BNDES was evaluating an investment of R$500 million to R$1 billion. “We expect to finalize the structure and announce it early next year. We’re discussing whether the fund will be R$500 million or R$1 billion,” he told reporters during the opening of the Brazilian Economic Week in Rio de Janeiro.
The structure is expected to follow the model of the critical minerals fund created with Vale (VALE3.SA / VALE), managed by a consortium formed by BB Asset, JGP, and ORE. That fund includes an initial R$500 million commitment equally shared between BNDES and Vale, with room to raise up to R$1 billion from additional investors. “In funds like this, BNDES usually provides 25% of the capital, another anchor investor adds another 25%, and then we run a selection process for the asset manager,” Barbosa said.
He noted that a potential interest-rate cutting cycle beginning in 2026 could support medium- and long-term investments. “If market expectations point to a reduction in the Selic, demand for longer-term financing should increase — and we have the resources to meet that demand at market rates,” he said.
The bank still expects to lift approvals to 2% of GDP and disbursements to 1.5% of GDP by 2026, with the possibility of reaching 2% by 2028. Barbosa highlighted that average disbursement maturities are around four years, which means recent approvals will shape future releases.
He also addressed the uncertainty around the Brazil Soberano provisional measure, which allocates R$30 billion in credit to companies hit by the tariff hike imposed by the United States. The measure expires next week if Congress fails to vote on it. “Although tariffs were reduced for some products, most Brazilian industries still face an additional 40% surcharge. We await Congress’s decision, but indications suggest exporter-focused credit conditions will remain favorable,” he said.
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