Brazil prepares US$29bn PAC infrastructure works for 2015

Friday, August 29, 2014

Brazil federal government proposed a bill to invest 64.9bn reais (US$29bn) in infrastructure works in 2015 uder its growth acceleration program PAC,

Planning minister Miriam Belchior said that the 2015 program calls for a 2.5% increase, from 63.3bn reais earmarked for this year, according to a federal government release.

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A total of 19.3bn reais will go to the federal government's Minha Casa, Minha Vida housing program, while 7.9bn reais has been earmarked for its Cidade Melhor municipal improvement program, according to the release.

Another 4.9bn reais will be invested in federal programs Água Para Todos and Luz Para Todos.

Other investments include 17.9bn reais for the transportation sector, 5.3bn reais for defense, 1.3bn reais for communications and 197mn reais for energy studies.

The communications budget will be doubled in an effort to increase internet access and improve telecom services, according to the release.

Petrobrás' Abreu e Lima refinery in Pernambuco state is among the PAC projects that have been completed this year.

Finance minister Guido Mantega forecasted more credit, increased production and revenue, better control of costs, and less inflation for next year.