*Brazil’s President Luiz Inácio Lula da Silva and other cabinet ministers have announced that the government will invest R$1.6trn (US$278bn) in a programme aimed at revitalising the country’s industrial sector. The Nova Indústria Brasil (NIB) plan was first launched in January with an initial investment of R$300bn, but this latest investment marks a significant boost for the initiative and will largely contribute to ‘Mission 3’ of the NIB’s pillars, which covers housing, sewage, and other urban infrastructure. Of the R$1.6trn, 75% will come from private investment. Several Brazilian business associations confirmed that companies will invest over R$1trn over the next five years. Projects involving public transport, sanitation, ports, airports, and roads, among other infrastructure, will receive R$833bn, while housing will be allocated R$222.5bn.
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LatinNews Daily - 31 October 2024
In brief: Brazil’s gov’t boosts investment for industrial sector
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