Lula Unveils $60 Billion Plan to Revitalize Brazilian Industry
- Program aims to modernize, decarbonize major sectors
- Real weakens, bonds underperform amid fiscal concerns
This article is for subscribers only.
President Luiz Inacio Lula da Silva’s government on Monday unveiled plans to invest 300 billion reais ($60 billion) into Brazil’s aging industries, a bid to boost Latin America’s largest economy that sparked fiscal worries among investors.
The financing is the backbone of a proposal the government dubbed “New Industry Brazil,” a sweeping reindustrialization plan that will provide credit and funding to sectors like health, defense and agribusiness. The vast majority of the funding, about 250 billion reais, will come from Brazil’s national development bank, BNDES.