State banks to finance Brazilian ports

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As part of an infrastructure investment programme at Brazilian ports introduced by the new government of Michel Temer, finance could be forthcoming from state banks, such as the Caixa Econômica Federal (CEF) and the Banco Nacional de Desenvolvimento Econômico e Social (BNDES).

Although no details have yet been announced, the CEF could potentially make use of the FI-FGTS investment fund on infrastructure projects. However, this would require some fund rules to be changed to allow $3.75bn to be released. The CEF also has access to pension funds worth $345m for use with smaller projects.

Economist José Roberto Afonso suggested that involvement of CEF and BNDES in infrastructure projects would be tantamount to the government admitting that it is unable to attract the levels of private sector funding that it needs in areas such as ports.

However, others have pointed out that using state banks suggests the government is seeking short term success at the risk of losing longer term private sector investment.