Project finance no Brasil: análise crítica e propostas de aperfeiçoamento
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Data
2019-05-13
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Pinto Junior, Mario Engler
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Resumo
This paper aims at contextualizing project finance on a practical and legal perspectives, to further critically analyze the Brazilian infrastructure financing model. Based on the observation that the Brazilian model presents certain features that diverge itself from the international practice of project finance and from the purposes for which such financing method is intended, this investigation seeks to identify the main legal impairments that prevent the effective use of project finance in Brazil. Finally, proposals are made for improving the Brazilian model under two distinct approaches: firstly, arguing what would, in theory, be the ideal solution to overcome the referred legal impairments (first-best); and, secondly, focusing on measures that, although insufficient to solve the problem in all respects, would assist to enable the use of project finance in Brazil (second-best).
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Project finance Limited recourse Non-recourse Sponsor Infrastructure Guarantees Contracts Legal certainty Special purpose Vehicle Limitation of liability Financiamento de projetos Infraestrutura Garantias Contratos Segurança jurídica Patrocinador Sociedade de propósito específico Limitação de responsabilidade