CN said that the two sides had hashed out about 80% of their concerns, and the sticking point for the government was so-called "social interest" lines, such as residential insurance for low-income Brazilians and export coverage.
CN said Barbosa had agreed that the fund manager idea, which had been run successfully by federally controlled IRB-Brasil Re in the past, could work for infrastructure projects and the naval industry. CN previously said the funds could go under national development bank BNDES.
The government developed the plan for EBS in order to help it meet its economic and social goals of massive infrastructure investment, increased exporting and its large-scale housing construction program "My House, My Life" . The government is expected to put 18bn reais (US$10.3bn) behind EBS.