gray bus at road
Photo by Caroline Cagnin on

Brazilian President Luiz Inacio Lula da Silva on Friday announced the relaunch of a major $348 billion infrastructure investment program, saying he hopes it will help Latin America's biggest economy get back on the path to growth.

Projects under the public-private Growth Acceleration Pact (PAC) will target energy, road construction, access to water and sewage, healthcare, internet access and education.

"Our country needs credibility, stability and predictability, and this program provides these three ingredients," the leftist Lula said as he presented the PAC in Rio de Janeiro.

"I am sure that with the new program, the country will return to growth and take the correct path," Lula said, adding that "all the capacity of the state" will be employed.

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