UK signs MoU with Brazilian state to push infra projects
The governments of the UK and Brazil's most affluent state, São Paulo, have signed a memorandum of understanding (MOU) aimed at facilitating investments with the help of the UK's Prosperity Fund, the Brazilian state's government said in a release.
Among the goals of the MOU, which was signed at the headquarters of the World Bank Group's International Finance Corporation (IFC) in London, is to attract investors and encourage imports and exports to and from São Paulo state, home to the country's busiest port complex, Santos port.
Opportunities currently being discussed are infrastructure concessions and public-private partnerships (PPP), as well as improving the overall appeal of projects to international investors, state innovation and partnership secretary Karla Bertocco was reported as saying in the release.
"The exchange of experiences we have had with the UK over the past two years has provided much knowledge in key areas to improve our management, such as those related to transparency, PPPs and the health industry," international affairs advisor Ana Paula Fava said in the release.
PROSPERITY FUND
In 2015, the UK's Strategic Defence and Security Review announced a five-year Prosperity Fund budgeted at 1.3bn pounds (US$1.78bn).
It is aimed at promoting economic reform and the development needed for growth in partner countries by improving competitiveness and overall management, reducing poverty and tackling corruption.
These reforms are expected to create opportunities for international business, which includes UK companies.
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