Translation of a text from Lucio Flavio:
The Federal Prosecutor's Office has filed 15 civil suits against the Belo Monte Dam, under construction on the Xingu River in Para His arguments about the economic and environmental viability of the project does not seem to have impressed the leading development institution in the country.
During the next 30 days, the National Bank of Economic and Social Development intends to release 19.6 billion for the project, which has already received the same BNDES, in two installments this year, U.S. $ 2.9 billion. The total commitment, so is $ 22.5 billion. The amount represents 80% of the U.S. $ 28.9 billion expected to be used to make Belo Monte the third largest dam in the world.
The titles of this transaction impress. It is the largest loan of all 60-year history of the bank. It is three times larger than the operation that hitherto occupied the first place in the ranking of BNDES, the $ 9.7 billion for the Abreu e Lima refinery in Pernambuco. The plant Xingu swallow almost all remedies provided - £ 23.5 billion - for the infrastructure area in this segment, excluding the subway.
The elements of grandeur do not stop there. Belo Monte is the greatest work in progress in Brazil and the crown jewel of the PAC, the Growth Acceleration Program, passed by Lula to Dilma.
With the approval of the loan, the government gives the message: against all your opponents and facing abuses by the way, a huge hydroelectric continue ongoing accelerated. Whatever the first of 24 giant turbines start generating power in February 2015 and the last in January 2019. Not coincidentally, the Belo Monte Lula won the title of hydroelectric strategic, with the first such treatment in Brazil.
Main item of the Ten Year Energy Plan (2013/2022), Belo Monte, with its 11 200 megawatts nominal contribute - in official calculations - with 33% of the energy that will be added to the Brazilian production capacity during the motorization of their machines, between 2015 and 2019. Would be able to meet the demand of 18 million residence and 60 million people, or consumption of the entire population of the South and Northeast combined.
Not surprisingly, the BNDES, with a portfolio of business of this size has become bigger than the World Bank headquarters in Washington, something "never before" unthinkable, as would former President Lula. Besides the features of millionaires FAT (Worker Support Fund), which are available to them, despite the paradoxical relationship, and its own revenue, the bank has received increasing amount of national treasure, a disturbing novelty in recent times. The public does not seem to pay attention to the gravity of this fact.
So much public money came to the box on the pretext of strengthening BNDES Brazilian capitalism, now multinacionaliza. One focus of intensive applications is the bank's controversial sector of refrigerators, elevation to the top of international ranking by heavy crane financial state.
With paquidérmicos commitments undocking of money, BNDES has increasingly been rescued by the federal government. This is what happens in the case of Belo Monte. Of the U.S. $ 22.5 billion approved for the dam, just U.S. $ 9 billion is the bank's own resources, other than those directly apply: $ 7 billion will be transferred through the Federal Savings and $ 2 billion through a bank private, BTG Pactual. The other U.S. $ 13.5 billion will come from the national treasure box, which means money collected through federal taxes - the distinguished audience, so.
Interestingly the composition of this transaction. The BNDES has resorted to two other financial institutions, instead of making himself the business, alleging default risk. If the borrower of money, which is the Norte Energia, controlled by federal funds and state-owned enterprises do not pay the loan, intermediaries will respond by default. Naturally, charging enough (and then some) to guard against this risk.
Already the citizen's money, managed by the Union, will have direct application by BNDES. From a statement issued yesterday by the bank it appears that this part of the business is immune to nonpayment. Probably not the absence of risk, which is impossible in this type of operation. Maybe because if the money does not return, who will suffer the public treasury, and the taxpayer, deep in your pocket.
The budget of the Belo Monte Dam began with a forecast of $ 9 billion. Today is three times higher. Neither the "Amazon factor", generally considered unpredictable complication because of the conditions of the regions pioneering, frontier or inflation or the available data on works in progress, which has already absorbed nearly $ 3 billion in less than two years, explain this adjustment.
So with the hydroelectric Tucuruí on the Tocantins River in Pará, the fourth in the world. It began construction in 1975 and the first of the 23 turbines became active in 1984. The budget was initially $ 2.1 billion. Reached U.S. $ 7.5 billion per unofficial estimates, at a time when the national currency was devalued. But perhaps gone beyond the mark of $ 10 billion.
The precedent should encourage the public to protect, rather than omit, as if the most sensitive part of the human body was not already over the pocket.
During the next 30 days, the National Bank of Economic and Social Development intends to release 19.6 billion for the project, which has already received the same BNDES, in two installments this year, U.S. $ 2.9 billion. The total commitment, so is $ 22.5 billion. The amount represents 80% of the U.S. $ 28.9 billion expected to be used to make Belo Monte the third largest dam in the world.
The titles of this transaction impress. It is the largest loan of all 60-year history of the bank. It is three times larger than the operation that hitherto occupied the first place in the ranking of BNDES, the $ 9.7 billion for the Abreu e Lima refinery in Pernambuco. The plant Xingu swallow almost all remedies provided - £ 23.5 billion - for the infrastructure area in this segment, excluding the subway.
The elements of grandeur do not stop there. Belo Monte is the greatest work in progress in Brazil and the crown jewel of the PAC, the Growth Acceleration Program, passed by Lula to Dilma.
With the approval of the loan, the government gives the message: against all your opponents and facing abuses by the way, a huge hydroelectric continue ongoing accelerated. Whatever the first of 24 giant turbines start generating power in February 2015 and the last in January 2019. Not coincidentally, the Belo Monte Lula won the title of hydroelectric strategic, with the first such treatment in Brazil.
Main item of the Ten Year Energy Plan (2013/2022), Belo Monte, with its 11 200 megawatts nominal contribute - in official calculations - with 33% of the energy that will be added to the Brazilian production capacity during the motorization of their machines, between 2015 and 2019. Would be able to meet the demand of 18 million residence and 60 million people, or consumption of the entire population of the South and Northeast combined.
Not surprisingly, the BNDES, with a portfolio of business of this size has become bigger than the World Bank headquarters in Washington, something "never before" unthinkable, as would former President Lula. Besides the features of millionaires FAT (Worker Support Fund), which are available to them, despite the paradoxical relationship, and its own revenue, the bank has received increasing amount of national treasure, a disturbing novelty in recent times. The public does not seem to pay attention to the gravity of this fact.
So much public money came to the box on the pretext of strengthening BNDES Brazilian capitalism, now multinacionaliza. One focus of intensive applications is the bank's controversial sector of refrigerators, elevation to the top of international ranking by heavy crane financial state.
With paquidérmicos commitments undocking of money, BNDES has increasingly been rescued by the federal government. This is what happens in the case of Belo Monte. Of the U.S. $ 22.5 billion approved for the dam, just U.S. $ 9 billion is the bank's own resources, other than those directly apply: $ 7 billion will be transferred through the Federal Savings and $ 2 billion through a bank private, BTG Pactual. The other U.S. $ 13.5 billion will come from the national treasure box, which means money collected through federal taxes - the distinguished audience, so.
Interestingly the composition of this transaction. The BNDES has resorted to two other financial institutions, instead of making himself the business, alleging default risk. If the borrower of money, which is the Norte Energia, controlled by federal funds and state-owned enterprises do not pay the loan, intermediaries will respond by default. Naturally, charging enough (and then some) to guard against this risk.
Already the citizen's money, managed by the Union, will have direct application by BNDES. From a statement issued yesterday by the bank it appears that this part of the business is immune to nonpayment. Probably not the absence of risk, which is impossible in this type of operation. Maybe because if the money does not return, who will suffer the public treasury, and the taxpayer, deep in your pocket.
The budget of the Belo Monte Dam began with a forecast of $ 9 billion. Today is three times higher. Neither the "Amazon factor", generally considered unpredictable complication because of the conditions of the regions pioneering, frontier or inflation or the available data on works in progress, which has already absorbed nearly $ 3 billion in less than two years, explain this adjustment.
So with the hydroelectric Tucuruí on the Tocantins River in Pará, the fourth in the world. It began construction in 1975 and the first of the 23 turbines became active in 1984. The budget was initially $ 2.1 billion. Reached U.S. $ 7.5 billion per unofficial estimates, at a time when the national currency was devalued. But perhaps gone beyond the mark of $ 10 billion.
The precedent should encourage the public to protect, rather than omit, as if the most sensitive part of the human body was not already over the pocket.
Posts
No comments:
Post a Comment