The Brazilian government plans to bulk up financing for shipbuilding projects.
The government said it will use some of its stake in the country's largest lender to provide more financing.
The Finance Ministry will be allowed to transfer as much as 2.5 billion reais ($1.22 billion) worth of shares of state-controlled Banco do Brasil to the capital of the so-called Naval Construction Guarantee Fund.
Meanwhile, Brazil's state-owned oil company Petrobras placed orders for nine drilling rigs to compatriot shipbuilders and now infrastructure investments are becoming more important in Brazil.
Published : August 31, 2012
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