The present article intends to discuss the process of decision involving the Brazilian highways concession program, that is submitting to the private administration under toll system the most important Brazilian highways. The analysis proceeded indicates that the basic decision instrument used in this process is the project financing model, which concedes priority to the projects that are able to guarantee the return of the investments made in accordance to its cash flow. As the project financing model focus only in the financial aspects of the projects, this article tries to formulate, at the end of the text, an alternative proposal to the actual Brazilian process of decision, submitting it to a wider criteria, specially because the program has more than 50% to be executed in the next years.
highways concession; decision process; project evaluation; project financing
