• Categories
  • Archives

World Bank Warns Brazil: ‘You Need to Invest in Infrastructure’

The vice-president of the World Bank (IBRD – International Bank for Reconstruction and Development) for Latin America and the Caribbean, Pamela Fox, warned, of the need for Brazil to invest in infrastructure to ensure long-term sustained development.

Fox, who is making her first official visit to Brazil since assuming the post on January 1, left her meeting with the Minister of Finance, Antônio Palocci, saying that she is enthusiastic over the country’s macroeconomic policy and the 5% growth in the Gross Domestic Product in 2004.


“The economic team has been working very well in the Ministry of Finance. They presented sustainable macroeconomic policies, and we hope that the Ministry continues along these lines.


“We don’t think the pace of growth will decline. But, in the long run, Brazil shares growth obstacles with other Latin American countries. One of them is the need to keep investing in infrastructure,” Fox observed.


In her view, the government knows it must invest in infrastructure. “But there exist fiscal space limitations in the budget.”


One of the alternatives she mentioned is the Public-Private Partnerships (PPP’s) program, which was the theme of her conversation with Palocci.


She said that the IBRD supports the PPP’s project, which was sanctioned by President Luiz Inácio Lula da Silva on December 30, and is studying ways to participate, but there is still no specific project on the table.


“We are ready to analyze any infrastructure project in which the government is interested in including the bank,” she affirmed.


Water and sanitation are other areas of interest to the IBRD for future PPP’s.


The World Bank has been collaborating with Brazil since 1949 and has already provided US$ 35 billion in funding.


Currently, the IBRD is financing 50 projects involving US$ 6.2 billion in direct investments.


The projects are related to the war on poverty and social and economic development, with an emphasis on health, education, water, infrastructure, and environment.


Translation: David Silberstein
Agência Brasil

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

How Angola’s Petrodollars Are Fueling a Brazilian Contractor

Brazilian real estate developer Odebrecht's investments in Angola have surpassed US$ 600 million, the ...

Mango Growers from Bahia, Brazil, Find Buyers Overseas

Copefrul, the Brazilian Cooperative of Small Farmers of Fruit from Livramento and Surroundings, in ...

For Many Brazilian Intellectuals There Is no Salvation Outside Marxism

For a constitutional democracy to become a reality in practice, not just in theory, ...

Legacy’s Black Box Shows Brazil’s Control Tower Made a Mistake

Transcripts from the Legacy’s black box reveal that the São José dos Campos, São ...

Japan’s Minister Visits Brazilian Ethanol Plant

Brazilian Minister of Agriculture, Roberto Rodrigues, was in the city of Pradópolis, in the ...

Rio-based Pandeiro Jazz Pioneer Scott Feiner Goes the Crowdfunding Way

Rio de Janeiro-based Scott Feiner, like many independent artists of late, is reaching out ...

Brazil’s BNDES Lends to Paper and Drug Sectors

Brazil’s National Economic and Social Development Bank (BNDES) will provide 30% of the funding ...

Brazil Congress Urges All-Hands-on-Deck Approach to Fight Child Sex

Gathered in Brazil, a United Nations-backed forum to combat the sexual exploitation of children ...

Brazilians Believe They Have Asian Tiger Blood

In a recent trip to  New York, to participate at the “Brazil & Partners: Investment Opportunities” ...