Brazilian President Dilma Rousseff has this Wednesday (4 May) passed Law No. 12,404/11, which authorizes the Federal Government to provide guarantees for financing of up to R$ 20 billion from the National Bank of Economic and Social Development (Banco Nacional de Desenvolvimento Econômico e Social – BNDES) to the consortium that shall be constructing the High Speed Train (HST), also known as the bullet train. The Law also sets up a new company, the Company for High Speed Railway Transport (Empresa de Transporte Ferroviário de Alta Velocidade – Etav) to plan and promote the development of high speed railway transport.
The bullet train shall connect the international airports at Campinas (Viracopos), São Paulo (Guarulhos) and Rio de Janeiro (Galeão), in a total length of 511 km . The cost of the project has been estimated at R$ 34.6 billion , but specialists now predict that the cost could get as high as R$ 50 billion (USD 18.60 billion). The tender process for the bullet train project, which has already been postponed on two occasions, should finally take place on 29 July.
The matter was passed by the Senate, as a conversion of Provisional Measure No. 511/10 (PLV 7/11) on 13 April. In the discussion, which lasted more than five hours, Opposition senators harshly criticized the presentation of the Bill through a Provisional Measure, questioning both the urgency and the merit of the Bill.
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There was also questioning about whether it was within the Constitution to establish a Government company through a Provisional Measure turned into a project for law conversion. According to the Brazilian Constitution, a Government Company can only be instituted through a specific law to this effect.
The Senators on the side of the Government have said, however, that there is jurisprudence from the Federal Supreme Court (Supremo Tribunal Federal – STF) allowing the creation of a Government Company in the manner as here done. They also argued that the bullet train would boost development and tourism in the country.
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