The major economic changes underway, notably the energy transition, the digital revolution, and the technological innovations associated with them, will expand the demand for financial resources to invest in such activities. However, given their high
degree of uncertainty and risk, Brazil’s private capital market will not be able or willing to offer the necessary amount of credit throughout this century. The role of the Brazilian Development Bank (BNDES) in offering long-term credit, in amounts and under conditions that meet the social agenda, but also encourage investments in these strategic activities, will be crucial for Brazil to take advantage of the opportunities that arise in the course of this century. In view of that, this essay first provides a brief historical overview of the BNDES's performance policies since its creation in 1952. Then, considering the great changes that will continue throughout the century, as well as the economic and social particularities of Brazil, it suggests priority axes of action, proposes diversified ways of raising financial resources, and discusses a reconfiguration of interest rates inherent to the BNDES's financing lines.