Current:Home > NewsInvestment banks to put $10 billion into projects aimed at interconnecting South America-VaTradeCoin
Investment banks to put $10 billion into projects aimed at interconnecting South America
lotradecoin referral View Date:2024-12-25 23:33:06
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! (677)
Related
- New Jersey, home to many oil and gas producers, eyes fees to fight climate change
- SZA Reveals Relatable Reason Why She Didn’t Talk to Beyoncé at the 2024 Grammys
- Record hot oceans are causing havoc from California to Chile. Is climate change to blame?
- A foster parent reflects on loving — and letting go of — the children in his care
- Fewer U.S. grandparents are taking care of grandchildren, according to new data
- Lutsen Lodge, Minnesota's oldest resort, burns down in fire: 'We grieve together'
- Florida zoo welcomes furry baby Hoffman’s two-toed sloth
- 16-year-old suspect in Juneteenth shooting that hurt 6 sent to adult court
- Sabrina Carpenter reveals her own hits made it on her personal Spotify Wrapped list
- Get Lululemon’s Top-Selling Align Leggings for $39, $68 Shorts for $29, and More Finds Under $40
Ranking
- Save 30% on the Perfect Spongelle Holiday Gifts That Make Every Day a Spa Day
- ESPN, Fox, Warner Bros. Discovery announce plans to launch sports streaming platform in the fall
- A SWAT team sniper killed a bank hostage-taker armed with a knife, sheriff says
- Rare snow leopard captured after killing dozens of animals in Afghanistan
- The Sundance Film Festival unveils its lineup including Jennifer Lopez, Questlove and more
- Olympian Gabby Douglas Officially Returning to Gymnastics, Reveals Plans for 2024 Paris Olympics
- Black churches, home for prayer and politics alike, get major preservation funds
- Student arrested, no injuries after shots fired at South Carolina State University
Recommendation
-
'Squid Game' without subtitles? Duolingo, Netflix encourage fans to learn Korean
-
Chile wildfire death toll tops 120 as search continues for survivors around Valparaiso
-
Model Poonam Pandey fakes death, says stunt was done to raise awareness on cervical cancer
-
Families of Black girls handcuffed at gunpoint by Colorado police reach $1.9 million settlement
-
Lil Durk suspected of funding a 2022 murder as he seeks jail release in separate case
-
Student arrested, no injuries after shots fired at South Carolina State University
-
Iran-backed group claims strike on Syria base used by U.S. as Israel-Hamas war fuels risky tit-for-tat
-
Super Bowl 2024 weather: Why forecast for Chiefs-49ers matchup in Las Vegas doesn't matter