This paper studies economic development in Latin America, with a focus on the purpose of development banks, contributing to this research agenda with a firm-level profit analysis about the Brazilian meat-processing giant, JBS S.A., and its relationship with the Brazilian Development Bank (BNDES). JBS S.A. is in the center of the discussion about the purpose of development banks (DBs), as the company grew into the largest protein producer in the world with the support of BNDES through debt and equity, becoming one of BNDES’ top private client and having the bank as its second largest shareholder. This research works with two different perspectives on DBs, the industrialist and political view. This paper found evidence to reinforce both views, concluding that they are not mutually exclusive.