(MENAFN) Brazil announced a USD64 billion infrastructure spending plan, aiming to revive its weakening economy with investments in highways, railroads and airports, The Peninsula Qatar reported.
The plan comes as the world's seventh-largest economy is facing its worst performance in 25 years, with governmental forecasts of a 1.2 percent contraction for this year.
Increasing investment in the Latin American giant's overburdened infrastructure is something businesses and economic analysts have been urging the government to do for years.
"The time has come to build the basis for a new cycle of development and growth for the country. Increasing the rate of investment in Brazil is fundamental," Planning Minister said.
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