Brazil’s development bank (BNDES) has revised its operational policies to prioritise specific projects that will benefit the country, as opposed to sectors considered strategic.

Through the initiative, the bank hopes to boost productivity, competitiveness and job creation in the companies it supports, while increasing the transparency of its own processes after being dragged into the country’s Car Wash scandal last year.

Investments in education, health, innovation, exports, SMEs, environment and infrastructure will be given priority, with more attractive tenors and interest rates than others. Projects in other sectors will be judged according to their benefits in these seven categories.

BNDES has already stopped financing coal-fired power plants, and will now focus more on green technologies, which will be able to receive up to 80% of its financing needs through the bank’s long-term funding programme.

In order to implement the new policies, BNDES has created a “monitoring and evaluation department”. Each country will have a “results chart” in which goals will be defined according to each financing. These goals will be measured and the impact of the project evaluated upon completion.

The bank will also use external auditing firms for large-scale infrastructure projects with a financing of more than R$1bn and for financings of more than R$500mn in other sectors.

BNDES participation will be limited to 80% of the cost of projects.

Processes are also being reviewed, with more use of technology expected to speed up the treatment of applications and make operations more efficient.

The new policies were announced by BNDES’ president, Maria Silvia Bastos Marques, last week, and will be reviewed annually.