Brazil

Brazil has a long-standing PPP market, supported by the PPP Law (2004), Concessions Law (1995) and New Procurement Law (2021). The Investment Partnership Program (PPI) operates through a multi-ministerial council (CPPI), which oversees the federal PPP and concessions program and prioritizes projects, and the Special Secretariat of the Investment Partnerships Program (SPPI), which supports project structuring and implementation.¹ Sector ministries and regulatory agencies provide technical expertise, while the SPPI supports subnational partnership programs alongside federal financial institutions such as The Brazilian Development Bank and CAIXA.^2,3 In 2026, Brazil signed an agreement to adopt SOURCE, a shared digital platform for preparing and managing infrastructure concessions and PPPs, with a view to extending its use across sectoral ministries.⁴

Brazil has maintained a high level of PPP and concession activity under the current administration (2023-26), with the New Growth Acceleration Program incorporating private partnerships into its broader infrastructure investment agenda, alongside measures to improve project structuring and financing.⁵ Recent financial closes demonstrate continued activity across transport, sanitation and social infrastructure, including major highway concessions, water and sewage projects and state-level school PPPs. Meanwhile, the Federal Court of Accounts’ Secex Consenso mechanism, operational since 2023, has facilitated negotiated settlements and restructuring of major infrastructure concessions.⁶ The country’s financing framework also evolved in 2024, with Law 14,801 introducing infrastructure debentures and revising the existing tax-incentivized debenture regime, broadening options for mobilizing private capital.⁷

Brazil continues to benefit from broad political support for PPPs across successive administrations. The current administration (2023-26) has maintained an explicit PPP agenda, incorporating PPPs into the 2024-27 multi-year plan and introducing additional federal mechanisms to support subnational PPP structuring.^8,9 Its 2026 Message to Congress identified the expansion of infrastructure partnerships as a priority,¹⁰ while major political figures and coalitions have also endorsed infrastructure partnerships, including in their 2022 presidential platforms.^11,12,13 In May 2025, the Chamber of Deputies approved proposed reforms to modernize concessions and PPP legislation, although the bill remains pending in the Senate.¹⁴

Brazil leads the region in regulations and institutions, supported by a comprehensive framework, capable PPP institutions and competitive procurement. Project preparation is another relative strength, underpinned by strong project-selection processes, dedicated preparation facilities and increasingly standardized project development. Brazil also benefits from the region’s most diverse PPP financing ecosystem, including institutional and sustainable finance. Brazil also has strong operational performance monitoring, and although ex-post evaluations are not required, the Federal Court of Accounts has demonstrated expertise in independently auditing operational concession outcomes.

Brazil’s remaining weaknesses are relatively concentrated. Despite strong overall risk allocation, its PPP framework does not systematically codify disaster-risk management and force majeure provisions across sectors, leaving important details to individual contracts. In project preparation, gaps remain in technical appraisal and social-equity considerations: more detailed methodologies and tools are needed for fiscal-affordability and value-for-money assessments, while criteria relating to employment, gender, and small businesses are not systematically considered. Finally, despite strong performance monitoring, PPP outcomes are not systematically measured against national climate commitments or the Sustainable Development Goals (SDGs).

Since the previous edition, Brazil has strengthened project preparation and infrastructure resilience. The 2026 agreement to adopt SOURCE represents a step toward more standardized project preparation and coordination across federal agencies, although broader implementation remains underway. Climate adaptation requirements have also advanced, including measures to incorporate resilience into infrastructure planning and federal road concessions. These developments support stronger performance in project preparation and sustainability, while Brazil’s mature regulatory, financing and monitoring frameworks have remained broadly stable.