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Brazil to resume construction projects with $40 bln investment -source
November 8, 2017 / 10:24 PM / 10 days ago

Brazil to resume construction projects with $40 bln investment -source

BRASILIA, Nov 8 (Reuters) - Brazil’s government will announce on Thursday plans to resume about 7,000 construction projects with a calculated investment of 131 billion reais ($40 billion) through the end of 2018, a presidential aide said on Wednesday.

The initiative is called “Avançar” or “Advance” by President Michel Temer’s government, which is seeking to restart infrastructure projects halted for budget or legal reasons, the person said on condition of anonymity to discuss the matter before the announcement.

The initiative will focus on transportation and energy projects, as well as affordable housing under the “My House, My Life” program.

The announcement is part of an effort to show Temer’s government is back to work and making progress on policy after he survived a second congressional vote last month on whether he should be tried for corruption.

$1 = 3.25 reais Reporting by Lisandra Paraguassu; Writing by Jake Spring; Editing by Richard Chang

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