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Financing Brazil’s universal water access through Japan-Brazil collaboration

Financing Brazil’s universal water access through Japan-Brazil collaboration
Published Date
Mar 25 2026
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Image of Hitomi Komachi
Hitomi KomachiPartner, Tokyo
Image of Frank Yifan Wang
Frank Yifan WangSenior Associate, Hong Kong SAR
Image of Haruka Morimoto
Haruka MorimotoAssociate, Tokyo
A&O Shearman advised the Japan International Cooperation Agency (JICA) in connection with a financing valued at approximately JPY30 billion (around USD192 million) to Companhia de Saneamento Básico do Estado de São Paulo (SABESP), Brazil’s largest water and wastewater utility. The loan will support SABESP’s plans to upgrade sewage infrastructure and achieve universal service coverage across the state of São Paulo. 

This financing marks a significant step in advancing essential social infrastructure in Brazil. By enabling SABESP to address critical wastewater challenges, the transaction contributes toward sustainable urban development and aligns with broader environmental and social impact goals. 

“This mandate illustrates the continued and increasing focus on infrastructure projects with social impact for JICA, as well as in the development finance lending market ,” said Hitomi Komachi, partner at A&O Shearman.  

“It was a pleasure to combine our deep knowledge of JICA’s institutional standards, and international financing best practice with Brazil’s regulatory framework, to deliver a financing by JICA to SABESP to advance universal service in one of the world’s largest urban water markets with a vibrant and young population.”

The A&O Shearman team was led by partner Hitomi Komachi, supported by senior associate Frank Wang and associate Haruka Morimoto. 

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