Brazil's senate has approved the Investment Partnership Program (IPP) for the execution of public infrastructure projects and other privatization measures. The program is still awaiting final approval from the president.

According to sources, PPI's objective is to streamline concessions by reducing red tape and government involvement and to ensure their overall stability and associated level of legal certainty. The program supports President Michel Temer's public-private partnership (PPP) drive.

PPI will be managed by a committee, headed by the President Temer, which will coordinate decisions about the program. He would be joined by federal investment secretary Moreira Franco, chief of staff Eliseu Padilha, finance minister Henrique Meirelles, planning minister Dyogo de Oliveira and transport minister Maurício Quintella Lessa.

The presidents of national development bank BNDES and state-owned savings bank Caixa Econômica Federal, Maria Sílvia Bastos Marques and Gilberto Occhi, respectively, will also be members of the comittee.

In the measure, BNDES is authorized to put together the Partnership Structuring Support Fund (Faep) and Brazil's logistics and planning public group EPL is authorized to act as the lead department behind PPI.

EPL would be responsible for integrated planning of highway, railway, port, airport and waterways projects. PPPs are also planned in other sectors such as electric power and water.