Brazilian President Luiz Inácio Lula da Silva has unveiled a new campaign aimed at boosting infrastructure spending and attracting foreign investment in Brazil. In his efforts to achieve this, Lula plans to make an appeal to US President Joe Biden to shift the focus from conflict to investment.
Speaking at an event in Rio de Janeiro to rally support for the spending program, Lula stated, “We are going to tell Biden…the United States has only been thinking about war for many years and not thinking about investment in Brazil. Spend a little money investing in our country because that is what will bring peace to our country.”
Lula emphasized the importance of Brazil’s leadership team traveling the world to promote these projects. The goal is to secure overseas financing and foreign investment from countries like the US, China, the United Arab Emirates, and European nations. These funds will be directed towards the Growth Acceleration Program (PAC), a comprehensive long-term plan to support economic growth in Brazil.
In September, Lula plans to meet with President Biden during the United Nations General Assembly in New York to make this appeal. Lula has taken a neutral stance on the Russia-Ukraine conflict, continuously calling for peace talks to resolve the ongoing fighting. He believes that the world is growing weary of this crisis and aims to redirect resources towards investments that promote peace and development.
President Biden has been leading an international effort to provide military aid to Ukraine and impose sanctions on Russia. However, Russian officials argue that this aid is only prolonging the conflict and increasing the risk of a wider war.
The PAC initiative involves planned investments totaling 1.7 trillion reais ($350 billion), covering various sectors such as renewable energy, housing, and flood control. Of this, 36% of funding, or $125 billion, will come from the private sector, while over $75 billion will be allocated from the federal budget. To bridge the funding gap, Lula intends to seek approximately $74 billion in loans, with state-owned companies contributing $70 billion in investments.
Furthermore, part of this investment initiative includes the completion of previously abandoned projects, including a petrochemical plant that was 80% finished but was abandoned by state-controlled energy company Petrobras. Brazil has numerous unfinished projects from previous PAC programs that could be revitalized.
Lula’s campaign aims to position Brazil as an attractive destination for foreign investment, showcasing the country’s economic potential and commitment to sustainable growth. By shifting the discussion from conflict to investment, Lula believes that Brazil can secure the necessary funding and partnerships to accelerate its development and bring about peace and stability.
In conclusion, Lula’s new campaign seeks to boost infrastructure spending and attract foreign investment in Brazil. By making an anti-war appeal to President Biden, Lula hopes to redirect resources towards investment and promote peace and development in the country. This initiative, known as the Growth Acceleration Program (PAC), involves planned investments of 1.7 trillion reais and aims to attract financing and investments from various nations. Lula plans to meet with President Biden in September to present his case and rally support.
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