Brazil announces massive World Cup-Olympic investment 02/07/2010 |
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The Brazilian Government is investing a further $100bn in projects for the 2014 World Cup and 2016 Olympic Games.
The money is part of a wider $735bn investment in infrastructure improvements and building work over the next three years.
Development minister Miguel Jorge revealed the spending plans this week at a Brazil-Italy business seminar in Sao Paulo, where he said that now is the best time to invest in the country, whose economy is expected to grow by between 6 and 6.5 per cent in 2010.
"We have macroeconomic, political and institutional stability," added Jorge. "Besides, we have quickly overcome the effects of the international financial crisis and have returned to a path of sustainable growth."
The Brazilian Government announced earlier this year that it would spend $890bn on upgrading the country’s infrastructure ahead of the World Cup and Olympics.
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