APS authorizes bank to open exclusive account for funds allocated to the Santos-Guarujá tunnel project

The estimated cost of the tunnel is BRL 6.8 billion. Of this total, BRL 5.2 billion consists of public funds, equally shared between the State Government and the Federal Government, with BRL 2.64 billion contributed by each party (Sílvio Luiz/AT)

The Autoridade Portuária de Santos (APS) has authorized Banco do Brasil to open an exclusive escrow account for the deposit of funds allocated to the Santos-Guarujá immersed tunnel project. The measure complies with a determination issued by the Federal Court of Accounts (TCU) and ensures the immediate allocation of federal financial resources to the project.

The estimated cost of the tunnel is BRL 6.8 billion. Of this amount, BRL 5.2 billion consists of public funding, equally shared between the State Government and the Federal Government, with BRL 2.64 billion contributed by each party. The remaining amount will be invested by the private concessionaire Mota-Engil, winner of the bidding process. The State Government is the granting authority for the project and conducted the bidding process. The auction was carried out under a sponsored concession model through a public-private partnership (PPP).

“This initiative aims to ensure transparency and proper governance of the funds allocated to the construction of the fixed crossing. With this decision, the public contribution is duly safeguarded for the specific use in port infrastructure works”, said APS President Anderson Pomini.

The model follows the requirements established by oversight bodies to ensure transparency and traceability of the funds. The financial structure was created to enable the federal transfer foreseen in the tunnel concession agreement.

According to the official document, the funds will remain linked to APS, but exclusively for the use of the project and may not be used for any other purpose. “We are taking a decisive and secure step to ensure that the schedule for the Santos-Guarujá tunnel is fulfilled with full public financial responsibility”, said Pomini.

The APS President emphasized that the segregated account is a fundamental mechanism to provide legal certainty to all partners involved. “The immediate authorization reflects our agility in complying with TCU determinations and ensuring that the funds are available”, he concluded. According to the executive, this stage eliminates uncertainties and consolidates the economic feasibility of the port project.

In addition to creating the account, APS requested that Banco do Brasil formally notify the São Paulo State Transport Agency (Artesp) regarding the effective blocking of the funds. This notification is essential for the disbursement flow established in the tunnel’s public-private partnership concession agreement. The Port Authority reaffirmed that all compliance parameters have been strictly followed since the initial agreement.

According to the Port of Santos administration, with the account now active, the project advances to the next phases of technical execution with guaranteed financial support. The next step will be for the State Government and the Federal Government to establish a joint accountability instrument, as determined by the Court of Accounts.