Brazil's state-owned investment company BNDESPar has increased its stake in transport infrastructure operator Odebrecht TransPort to 10.61% by investing another Brazilian reals (R) 1.43 billion ($601.8 million) in the Rio de Janeiro Galeao International airport operator.
Odebrecht TransPort and Singapore’s Changi Airport Group won the auction for Galeao with a R19 billion offer in November.
According to the Brazilian Ministry of Finance, the investment responds to the government's long-term strategy of supporting the development of strategic infrastructure through the investment plan announced by the government in 2012. Galeao airport is "a high priority object" under that plan.
The ministry says that the investment will help Odebrecht to execute the required work "fast and within the established agenda", although the investment is also linked to other projects, like the development of Rio’s suburban railroad network and a toll road.
The BNDES recently awarded also a R1.5 billion long-term loan to Aeroportos Brasil Viracopos, which operates the Campinas - Viracopos International airport.
BNDESPar is the investment and industrial participations arm of public bank BNDES.