Brazilian President Luiz Inácio Lula da Silva has announced a large public works program with federal money totaling R$371 billion ($76 billion) over four years as the left-winger seeks to stimulate the economy through more state expenditure.
The leader of Latin America’s largest economy unveiled long-awaited intentions to invest heavily in construction, infrastructure, and environmental initiatives.
The Lula administration estimates that with additional investments from the private sector and state-owned firms, the total value will reach R$1.4 trillion ($287 billion) by the end of his four-year term in 2026.
Energy, transportation, water and sewerage, healthcare, education, and internet connectivity are all areas of focus.
“Today is the start of my government. So far, what we have done is correct what has gone wrong,” added Lula, who took office in January after defeating rightwing incumbent Jair Bolsonaro.
Officially named as the Growth Acceleration Programme, the program revives a signature initiative from Lula’s Workers’ Party’s previous tenure in power.
It is inspired by US President Joe Biden’s huge stimulus plan supporting renewable energy and re-industrialisation.
