I chose Project Finance because I think it is a very important issue for the development of the emergent countries and our country is one of then. The development of power plants, water & waste treatment and other infrastructure projects are vital to the improvement of our industries and consequently to the enlargement of our economy that is still very vulnerable to market flows. This final paper has the purpose of explain what Project Finance is and to show how it works in practice using a case study as an example. The project finance can be defined as a financing for a specific project. Repayment will be limited to the Project s assets, cash flows generated by those assets and any contractual arrangements relating specifically to that project. The major factor in the growth of Project Finance has been the need to develop public infrastructure. The "Nova Dutra" project was chosen by me to use in my paper because it was the first toll road concession project used in Brazil and served as an example to the following projects in this field.