Brazil to sell infrastructure concessions worth $65bn

The Brazilian government is poised to sell new private concessions for transport infrastructure projects worth $65bn, equivalent to about 3.5% of the country's GDP.

The move, announced on Tuesday, aims to boost the country's economy currently grappling with recessionary headwinds due to high unemployment rate, rising inflation and a major corruption scandal that has engulfed the country's state-oil giant Petrobras.

Read more: Petrobras reports record loss from corruption-linked writedowns

“This initiative reflects the partnership and the confidence that must be established and which must be unflagging between the government and the private sector,” Brazilian President Dilma Rousseff said.

Last month, the country signed $47.5bn worth of agreements with China on trade, investment, agriculture, energy and transport.

Read more. China inks €47.5bn agreements in Brazil

Brazilian economic growth, halted

Brazil's economy, Latin America's largest, became one of the fastest-growing major economies in the world from 2000 to 2012, with an average annual GDP growth of about 5%.

However, its growth decelerated in 2013 and over 2014. Brazilian economy is expected to contract by 1% in 2015.

The World Economic Forum has ranked Brazil 120th of 144 countries in 2014, in terms of overall quality of its infrastructure, with roads, air transport and additional deficiencies considered as an obstacle to productivity and efficiency.

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