Monetary council approves US$3.9bn for PAC water, paving projects

Friday, April 1, 2011

Brazil's national monetary council (CMN) has approved 6.3bn reais (US$3.9bn) in financing for state and municipal governments to carry out sanitation and paving works under phase II of the national growth acceleration plan (PAC).

Some 3.9bn reais will go towards sanitation works while 2.4bn reais will go towards paving, Agência Estado reported.

The funds will be released gradually over the next few years, the national treasury's head of economic assessment, Mário Augusto Gouvêa, was reported as saying.

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The Brazilian government plans to allocate 23.8bn reais in financing for sanitation and paving up to 2014.