Brazil seeks foreign capital to update transportation

WASHINGTON – Brazil says it will seek to raise at least $45 billion in investments over the next four years for an ambitious plan to improve transportation in South America’s biggest nation.

Infrastructure minister Tarcísio Gomes de Freitas said Thursday in Washington that he will be outlining details of the proposal in meetings with the Inter-American Development Bank and with U.S. Transportation Secretary Elaine Chao.

The government’s plan calls for auctions of concessions in all areas of transportation, including 44 airports, 24 seaports, 16,000 kilometres (9,900 miles) of highways and 8,700 kilometres (5,400 miles) of train lines.

The push started earlier this year with auctions involving 12 airports, 10 ports and a major rail line, which brought in $3.5 billion, split evenly between grants and investment in the facilities.