Espírito Santo forms new funds

Espírito Santo forms new funds

Funds Economy & Policy Energy Gas Project & Infrastructure Finance Regulation Brazil

The Brazilian state of Espírito Santo has announced plans to create an infrastructure fund and a sovereign wealth fund financed by oil and gas revenues.

Gov. Renato Casagrande signed legislation this week to establish the two funds in one of Brazil's biggest oil producing states.

The sovereign wealth fund, called Funses, is expected to receive between BRL400m and BRL500m a year and buy minority stakes in private companies.

The infrastructure fund will be used to help finance roads, highways and schools, Casagrande said.

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