MercadoLibre to invest $3.44 billion in Brazil in 2022
Stelleo Tolda, Chief Operating Officer (COO) of MercadoLibre (Online marketplace company) poses at the entrance of the company's headquarters in Sao Paulo, Brazil, July 10, 2017. REUTERS/Nacho Doce Purchase Licensing Rights
SAO PAULO, March 22 (Reuters) - South American e-commerce giant MercadoLibre (MELI.O) said on Tuesday it will invest 17 billion reais ($3.44 billion) in Brazil in 2022, up 70% from a year earlier, as part of its strategy to grow and consolidate business in the country.
MercadoLibre added in a statement that a "significant" part of the amount will be invested in expanding operations of Mercado Pago, the group's fintech. In February, the Argentine company announced it would also lift its investments in Mexico to $1.475 billion. read more
($1 = 4.9410 reais)
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Reporting by Andre Romani and Aluisio Alves; Writing by Peter Frontini
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