Brazil Seeks $26 Billion to Modernize Ports

Brazil’s government has launched a $26 billion public-private drive to modernize crowded ports, which have been eroding the country’s competitive edge as a major commodities exporter, according to a Reuters report.

President Dilma Rousseff said she is counting on private investment to supplement government funds.

The investment will improve crowded highways, decaying bridges, a rickety electric grid and other overstretched infrastructure.

According to the government, Brazil’s 34 major ports are unprepared to deal with a potential quadrupling of port traffic to nearly a billion metric tons a year by 2030.