In the past three years the government has ramped up the resources of the national development bank, BNDES, by at least 210 billion reais, allowing it to expand lending for infrastructure projects and a host of other ventures less obviously deserving of state support.

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Given the challenges of financing major capital projects like power plants in the midst of the Great Recession, South Africa and the national utility, Eskom, have turned to the World Bank, the African Development Bank and the European Investment Bank for assistance in financing new electric power stations.

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