Banco do Brasil Seals R$2.57 Billion Loan for São Paulo’s Share of Santos–Guarujá Tunnel

Overview

• The credit deal, signed Monday in São Paulo, finances the state’s counterpart with a Union guarantee over 23 years at CDI plus 1.59% and includes a 12‑month grace period.
• Federal disbursement is suspended after the audit court TCU demanded a signed governance agreement between São Paulo and the Santos Port Authority to control and track federal funds, which officials said should be resolved without delaying 2026 works.
• The PPP totals about R$6.8–7.0 billion with roughly R$5.1 billion in public money split equally between Brasília and the state, and Mota‑Engil holds the 30‑year concession to build, operate and maintain the link.
• The signing ceremony brought Vice President Geraldo Alckmin, Finance Minister Dario Durigan and BB president Tarciana Medeiros, while Governor Tarcísio de Freitas did not attend as he and President Lula vie for credit for advancing the project.
• The immersed tunnel, a first in Brazil, will be built from precast concrete modules placed on the port channel bed and is expected to cut the crossing to about five minutes and ease long‑standing logistics bottlenecks at the Port of Santos.