Current:Home > BackInvestment banks to put $10 billion into projects aimed at interconnecting South America-InfoLens
Investment banks to put $10 billion into projects aimed at interconnecting South America
View Date:2024-12-23 12:44:57
SAO PAULO (AP) — Four investment banks announced Thursday during a meeting of leaders of the Mercosur trade bloc that they will put $10 billion up for infrastructure works aimed at better connecting South America, including funds for port, airport, road, rail and power transmission projects.
The “Routes for South American Integration” initiative was launched in Rio de Janeiro with host Brazil introducing a plan involving more than 120 projects, many of them in Brazil’s north bordering Venezuela, Guyana, French Guyana and Suriname.
The funds will come from the Inter-American Development Bank with $3.4 billion, the Development Bank of Latin American and the Caribbean with $3 billion, the Brazilian Development Bank with another $3 billion, and FONPLATA, a bank owned by Argentina, Bolivia, Brazil, Paraguay and Uruguay, with $600 million more.
Aloizio Mercadante, the president of Brazil’s Development Bank, said his institution will finance works “from the border within Brazil” and the other banks will pay for projects “from the border to the outside.”
“It is the biggest fund ever built for South American integration and for Mercosur in Mercosur’s history,” Mercadante said.
Brazil’s Planning and Budget Ministry said in a statement the new infrastructure is aimed at “significantly reducing the time of transportation of merchandise between Brazil and Asia.”
Similar plans for South American integration failed in the last three decades, but Brazil’s Planning Minister Simone Tebet says it will be different this time.
“The regional integration project is finally mature enough to come true. That has happened after a lot of dialogue and many conversations between leaders,” Tebet said.
The integration plan includes five main projects.
The Guyana Islands route project will boost infrastructure in Brazil’s northern states of Amapa and Roraima to better connect them to Guyana, French Guyana, Suriname and Venezuela.
The Manta-Manaus route includes the Brazilian state of Amazonas and parts of the states of Roraima, Para and Amapa in a river link to Colombia, Peru and Ecuador.
The Rondon Quadrant route involves the Brazilian states of Acre and Rondonia and the soybean rich portion of the Mato Grosso state to connect it with Bolivia and Peru.
The Capricorn rout links the states of Mato Grosso do Sul, Parana and Santa Catarina through multiple pathways to Paraguay, Argentina and Chile.
And the Porto Alegre-Coquimbo route boosts connections between the Brazilian state of Rio Grande do Sul to Argentina, Uruguay and Chile.
Mercosur has Brazil, Argentina, Paraguay and Uruguay as full members. Venezuela is currently suspended from the trade bloc. Bolivia is in a process to join it.
veryGood! (2211)
Related
- Rita Ora pays tribute to Liam Payne at MTV Europe Music Awards: 'He brought so much joy'
- Beijing’s crackdown fails to dim Hong Kong’s luster, as talent scheme lures mainland Chinese
- Judge rules ex-NFL star Shannon Sharpe did not defame Brett Favre on FS1 talk show
- China keeps up military pressure on Taiwan, sending 43 planes and 7 ships near self-governing island
- Shawn Mendes quest for self-discovery is a quiet triumph: Best songs on 'Shawn' album
- Robert De Niro loses temper during testimony at ex-assistant's trial: 'This is all nonsense!'
- FBI Director Christopher Wray warns Congress of terror threats inspired by Hamas' attack on Israel
- Mississippi’s congressional delegation seeks Presidential Medal of Freedom for Medgar Evers
- Seattle man faces 5 assault charges in random sidewalk stabbings
- Woman plans trip to Disney after winning Michigan Lottery game Lucky For Life
Ranking
- Army veteran reunites with his K9 companion, who served with him in Afghanistan
- The UK’s AI summit is taking place at Bletchley Park, the wartime home of codebreaking and computing
- How the U.S. gun violence death rate compares with the rest of the world
- A fire in the Jewish section of a cemetery in Austria’s capital causes damage but no injuries
- NFL Week 11 picks straight up and against spread: Will Bills hand Chiefs first loss of season?
- Tyler Christopher, soap opera actor from 'General Hospital' and 'Days of Our Lives,' dead at 50
- France vows a ‘merciless fight’ against antisemitism after anti-Jewish graffiti is found in Paris
- On a US tour, Ukrainian faith leaders plead for continued support against the Russian invasion
Recommendation
-
College Football Playoff bracket: Complete playoff picture after latest rankings
-
NFL power rankings Week 9: Eagles ascend to top spot after Chiefs' slide
-
Germany’s president has apologized for colonial-era killings in Tanzania over a century ago
-
Israel targets Hamas' 300-mile tunnel network under Gaza as next phase in war begins
-
Tom Brady Admits He Screwed Up as a Dad to Kids With Bridget Moynahan and Gisele Bündchen
-
Texas man faces murder charge after doctor stabbed to death at picnic table
-
What are witch storms? Severe weather pattern could hit Midwest in November
-
Trump asks a court to prevent Michigan secretary of state from leaving his name off the 2024 ballot