Fundos de investimento e financiamento de projetos de infraestrutura: :uma leitura da configuração institucional e do desempenho operacional do FI-FGTS

This paper presents an exploratory analysis of the institutional arrangement of the Fund of Investment of Guarantee of the Time of Service (FI-FGTS, in Portuguese) with the main objective of assessing the institutional configuration and the operational performance of FI-FGTS. This instrument was established by Act n. 11.491/2007, within the scope of the Growth Acceleration Program (PAC, in Portuguese), aimed at channeling financial resources of the FGTS for allocation in equity instruments and corporate debt instruments issued in the domestic capital market and associated with infrastructure projects. The research was based on an analysis of the legislation, financial statements, management reports, and databases generated by the Brazilian Association of Financial and Capital Market Entities (Anbima, in Portuguese) and Caixa Econômica Federal. The results indicate that the institution of the FI-FGTS increased the availability of resources to finance infrastructure projects, but it did not have an effect in terms of increasing funding as it only shifted resources from the credit market to the capital market. The observed operational pattern evidenced the existence of a triple gap: low FGTS quota subscription rate, low paid-in subscription rate, and low budget execution rate.