The National Monetary Council (CMN), Brazilian body responsible for the formulation of monetary and credit policy in Brazil, created a credit line of R$ 12.2 billion for urban mobility works entered in the second step of the Growth Acceleration Program (PAC 2). The money will come from the Workers Support Fund (FAT) and the Guarantee Fund for Unemployment (FGTS) and will be extended by the Brazilian Development Bank (BNDES) and the Caixa Econômica Federal.

The resources are part of the package of investments of R$ 32.7 billion in urban mobility ventures announced last year by President Dilma Rousseff. From this total, R$ 10.3 billion come directly from the Union’s General Budget; R$ 10.2 billion, from counterparts of local and state Governments. The remaining resources will be financed by the credit line established by the council.

The funding should benefit about 40 urban mobility projects approved in April by the PAC’s Management Committee. According to the National Treasury's economic adviser, Mathias Lenz, the works are not necessarily linked to the 2014 FIFA World Cup and the 2016 Olympics. However, according to the package launched last year, most actions are related to the two events.

28 May 2012