“…It is financed through a combination of funds from mandatory paycheck deductions (the Fundo de Amparo ao Trabalhador, FAT, and a public sector analog, PIS-PASEP), profits from past credit operations, bond issues, and loans from the federal government, often at very low base interest rates. 18 These sources of funds, however, have permitted the BNDES to expand its loan portfolio considerably over the years, and by 2010, it was lending more than three times as much as the World Bank, often at "concessional" interest rates (Porzecanski 2015). 19 The low cost and long duration of BNDES loans, especially as compared to private sector lenders, has made it the best source of long-term finance in Brazil (Santana 2011;Montero 2014a).…”