Belo Monte was planned in the 80s and was part of the Altamira Hydroelectric Complex, which was a plan proposed by the government to build 6 large dams in the Amazon Rainforest. Originally the project was funded partially by the World Bank, but as indigenous tribes protested the project for its impacts on their land, the World Bank pulled its funding.
But this wasn’t the end. The government has tried to push this project through since then and finally in 2005 the Brazilian legislature paved the pathway for this project to proceed. The government awarded the project to Norte Energia, a consortium built of public and private companies. The funding for the R$18 billion project would come from the Brazilian taxpayers, or the Brazilian Development Bank (BNDES).
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