A Brazilian prosecutor investigating the national development bank’s deals abroad said he estimates more than $2 billion in losses because of loans to junk-rated countries and builders accused in the nation’s sweeping corruption scandal.
The prosecutor, who is assigned to Brazil’s budget watchdog, said the losses are tied to $12 billion of loans from a workers fund that the BNDES state bank shouldn’t have been made because they were too risky and rates were too low. More than two-thirds of that cash funded projects from Angola to Venezuela by builder Odebrecht SA, whose chief executive officer was indicted this week as part of a separate corruption probe at state-run oil giant Petroleo Brasileiro SA.
Brazil Energy Insight 
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