Brazil Property News: Spain to boost Brazilian economy




18th September 2007 10:57


Spanish prime minister Jose Zapatero has agreed to be part of a $260 investment programme in Brazil, after meeting with president Luiz Inacio Lula da Silva.

The agreement confirmed at a press conference in Madrid yesterday means that Spanish companies will be urged to participate in Brazil’s Growth Acceleration Programme (PAC), which aims to attract £130 billion of investment into the country.

The programme, which runs until 2010, focuses on energy projects and social and urban infrastructure, such as building new sea-ports and highways. One of the PAC’s largest ventures is the construction of a high speed rail link between Rio de Janeiro and Sao Paulo.

At their meeting the two heads of state also signed a bilateral agreement officiating their commitment to social justice, the promotion of bio-fuels, and strengthening international institutions such as the U.N.

Mr Zapatero said: “Spain and Brazil have an obvious economic strength as well as a remarkable strength in its financial markets.”

The prime minister also said that the current US mortgage crisis would not affect either Spain or Brazil’s economy.
Spain is currently the second largest investor, after the United States, in Brazil, which is Latin America’s biggest economy.


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