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This report by the Climate Policy Initiative (CPI/PUC-Rio) analyzes the financing landscape for highway and railroad projects in Brazil's North Region and nationwide between 2012 and 2021. It identifies a heavy reliance on public funding, particularly from the federal government and BNDES, while noting a growing but still limited role for private capital via incentivized debentures. The report emphasizes that infrastructure in the Amazon is a primary driver of deforestation and calls for strengthened governance, increased transparency, and rigorous socio-environmental criteria to ensure that future investments do not cause further ecological damage.