Novo Party Presidential Candidate Romeu Zema Pledges Petrobras and Banco do Brasil Privatization to Fund Infrastructure Build-Out

Romeu Zema, the Novo party’s presidential pre-candidate, announced plans to privatize both Petrobras and Banco do Brasil during the party’s 10th National Meeting in São Paulo on January 18. Zema specified that revenues generated from the state-owned enterprise sales would be directed exclusively toward infrastructure construction rather than covering operational government expenses in Brasília. The commitment forms part of what Zema characterized as the third mission of a potential administration, which he described as “turning the key on growth and prosperity.”

The infrastructure investment targets include roads, railways, waterways, and ports across the country. Zema framed the rationale as addressing a fundamental economic imbalance, stating that Brazil currently produces at the scale of a giant but transports its wealth like an underdeveloped nation. The privatization proposal positions transport infrastructure deficiencies as a critical constraint on economic competitiveness despite productive capacity.

Beyond the privatization agenda, Zema outlined complementary fiscal policies aimed at stimulating economic expansion. The broader economic program includes public spending reduction, debt level reduction, and interest rate decreases designed to accelerate growth. The privatization of Petrobras and Banco do Brasil would represent the disposal of two of Brazil’s most significant state assets, with Petrobras controlling the country’s dominant oil and gas operations and Banco do Brasil serving as one of the nation’s largest financial institutions.

The proposal distinguishes itself from traditional privatization arguments focused on fiscal consolidation by explicitly linking asset sales to capital investment programs. The infrastructure financing mechanism would redirect proceeds from financial assets into physical capital formation, attempting to resolve logistical bottlenecks that constrain commodity exports and domestic distribution networks. The commitment provides a clear policy contrast with competing presidential candidates on state ownership and infrastructure development financing approaches.