WASHINGTON, Jan. 30, 2018 /PRNewswire/ -- CG/LA Infrastructure, Inc., a leading global infrastructure consulting firm, and the BuildCoin™ Foundation, a non-profit blockchain ecosystem for public infrastructure and construction projects, announced today CG/LA on behalf of the BuildCoin Foundation has entered into an agreement with the State of Sao Paulo, Brazil to fund feasibility studies for municipal lighting and public security projects using cryptocurrency.
Specifically, the Llumina SP project is the first cryptocurrency funding of a state government project in Brazil. Its purpose is to fund bankable feasibility studies that will boost public lighting modernization in 51 cities throughout the state of Sao Paulo, generate revenue for municipalities, reduce costs and pollution, and improve public safety for citizens. This program is already proving attractive to private sector participants.
Governments worldwide are under increasing pressure to meet the infrastructure demands of their communities and funding is one of the key roadblocks. To attract private investment in infrastructure projects greater transparency, visibility and accountability is required into projects. The BuildCoin cryptocurrency and blockchain ecosystem addresses these challenges and facilitates getting infrastructure projects off the ground.
"The CG/LA and BuildCoin Foundation public-private partnership with the state of Sao Paulo offers a new way of financing using cryptocurrency and to deliver infrastructure projects such as the Lighting and Public Security project," said Karla Bertocco, Sao Paulo's under-secretary for Partnerships & Innovation, "however successfully executing a public-private partnership is not easy, it requires a suite of studies, engineering, technology and specifically with this project how to adapt the existing light posts to the opportunities and needs of a smart city."
Public-private partnership development of large infrastructure projects that necessitate improved project visibility, greater efficiency and a more reliable return on investment. The Foundation's BuildCoin solution is a blockchain collaborative ecosystem that streamlines business processes, establishes transparency, improves trust and accountability, and unlike traditional industry business practices tracks and transfers value without third-party mediation.
"We are thrilled to be collaborating with the State of Sao Paulo and the BuildCoin Foundation on this project," said Norman F. Anderson, founder and CEO of CG/LA Infrastructure. "The BuildCoin ecosystem will help them approach what is a challenging global public policy issue — the lack of funding for feasibility studies — by attracting the right resources and expertise to their projects while operating in an ecosystem of trust, transparency and collaboration."
"We too are excited and honored to partner with the State of Sao Paulo and CG/LA to upgrading Sao Paulo's lighting and security infrastructure," said John Cronin, president of the BuildCoin Foundation. "The agreement signed in Brazil will use CG/LA's GViP project platform and BuildCoin blockchain technology to accelerate the timeline to originate infrastructure projects. We believe this public-private partnership is the new way that infrastructure projects will be developed around the world."
According to Timetric, spending on infrastructure reached US$3.1 trillion in 2016 and is expected to grow to US$4.2 trillion in 2020. In terms of investment opportunities, Timetric's IIC is currently tracking over 12,700 public and private large-scale infrastructure projects worldwide, from initial announcement to the execution phase, collectively, these projects are estimated to be worth US$14.2 trillion. Almost half of all projects require private investment, either directly or through PPPs. Timetric is a leading global provider of online market data, analysis and advisory services based in London.
About the BuildCoin Foundation:
The BuildCoin Foundation is a non-profit blockchain ecosystem for public infrastructure and construction projects based in Zug, Switzerland. Our BuildCoin Ecosystem modernizes infrastructure project origination and development by methodically executing business and technological processes. As a blockchain platform, BuildCoin, offers transparency and immutability, process integrity and disintermediation, lower costs and faster transactions, and access to high-quality data to participants. Visit buildcoinfoundation.org.
David Stout, Media Contact
About CG/LA Infrastructure:
CG/LA Infrastructure is a project development platform for the world's infrastructure markets. Core services include the Leadership Forum series, and the GViP project platform, and also include advisory services. CG/LA is headquartered in Washington, DC. Visit www.cg-la.com.
CG/LA Infrastructure, Inc.
SOURCE BuildCoin Foundation