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Capital Markets

Brazil’s PAC2

Dilma Rousseff, then a presidential candidate, at the launch of PAC in Brasilia March 29

Dilma Rousseff, then a presidential candidate, at the launch of PAC in Brasilia March 29


Most estimates of the size of the investment required in Brazilian infrastructure are between $100 billion to $130 billion annually over the next 10 years. Federal investment bank BNDES will continue to be the main source of finance, along with other state-owned entities such as Caixa Econômica Federal, Banco do Brasil and Banco do Nordeste. BNDES had total assets of R$472 billion ($281.6 billion) and had total disbursements of R$72.6 billion in the first seven months of 2010. Some 39% of the bank’s disbursements (R$28.2 billion) went to the infrastructure sector.

In 2007 the government also introduced the Accelerated Growth Programme (PAC) which aims to boost investment and grants economic and financial incentives, mainly through infrastructure projects. The PAC aimed to inject R$504 billion by 2010 and although just half of these funds were invested PAC2 aims to invest R$955 billion between 2011 and 2014, largely in energy projects (48%) social and urban infrastructure (41%) and the rest in roads (5%), railways (5%) and ports (1%).

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