New legislative proposal for financing infrastructure projects in Brazil: Bill no. 2.646/2020

This work seeks to investigate the changes made to the current legislation on the financing of infrastructure projects by Bill No. 2,646/2020, as well as possible innovations brought about and impacts resulting from this new class of debentures. Through documentary research, legislative texts and scientific articles were analyzed considering both the 2011 regulations and the new proposal and its possible influence on the current conjuncture. The results indicate that the target investors of the new legislative proposal are different from those currently covered by the current tool, pointing to a greater diversity of financing means, as well as the possible complementarity between the types of bonds for each moment of the project in which capitalization is necessary. This fact denotes that the current instrument of incentivized debentures was well adhered to, which resulted in growth possibilities. It was not possible to identify studies and projections of fiscal or market impact in the case of the advent of the new legislation on infrastructure debentures. Among the findings, the apparent relationship between the historical context and the Basic Interest Rate (SELIC) about the role and weight that incentivized debentures play in a given project stands out. Such findings are useful in the scientific field of financing and investments in infrastructure, since they must be considered by public agents and other economic agents interested in the sector for the structuring and financing of infrastructure projects.