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Brazilian gov't to invest 3.61 bln U.S. dollars to urbanize slums
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11:33, August 04, 2007

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Brazil will invest 6.8 billion reals (3.61 billion U.S. dollars) to urbanize "favelas," or slums, in Brazil's metropolitan regions, President Luiz Inacio Lula da Silva said on Friday.

The federal government will appropriate 5.9 billion reals (3.14 billion U.S. dollars), and the rest will be provided by state and city governments.

The fund is part of the Program for the Acceleration of Growth (PAC), which is expected to release a total of 504 billion reals (268 billion U.S. dollars).

Some 106.3 billion reals (56.5 billion U.S. dollars) will be used in housing projects, and 40 billion reals (21.3 billion U.S. dollars) in sewage projects.

The first urbanization and sanitation projects will target areas in the federal district of Brasilia and 12 other states in the country.

In the ceremony to present the package, Lula said such a policy had never played an important role in Brazil's "political culture" before.

The president stressed that all the money granted to the states and municipalities will be used to resolve the "biggest degradation focuses" detected in Brazilian society, in terms of housing conditions.

Source: Xinhua

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