Brazil has grown into one of the one of the most
investment-friendly and preferred jurisdictions, even compared
to other Bric members. Foreign direct investment is estimated
at $70 billion in 2011 and at least $50 billion in 2012.
And according to publicly available, information
approximately $140 billion in investments is required in the
various infrastructure sectors over the next three to four
In order to satisfy these infrastructure-related
investment needs, the diversification of the funding matrix is
essential. In this regard, the Brazilian National Development
Bank (BNDES) has played the most important role by far in
long-term low interest rate funding to local projects (for
reference purposes, disbursements in 2011 are expected to be
around $80 billion).
Despite BNDES deep pockets and the liquidity of other
Brazilian commercial banks and pension funds attracted by
infrastructure projects, other foreign sources of financing are
of the utmost importance in the current...