Good morning! Today, we talk about Lula’s old industry-boosting recipes. The link between rainfall and economic performance. And Lula’s next fight with Congress.
☕ If you like our work and want to give us an extra boost, you can fill up our reporters’ coffee mugs. Supporters get exclusive perks! Find out more.
Lula’s new old program to jolt Brazilian industry
Following his old formula of combining different initiatives into one package to make them seem bigger than they are, President Luiz Inácio Lula da Silva on Monday launched a plan to boost Brazilian industry over the next three years, in addition to a new industrial policy for the next decade.
State of play. The plan will cost BRL 300 billion (USD 60.1 billion), mostly from credit lines managed by the National Development Bank (BNDES), with a focus on the renewal and modernization of Brazilian industry, in addition to projects financed by the federal research funding agency Finep and the federal innovation company Embrapii.
- BNDES itself will provide BRL 271 billion to the program, of which 26 percent has already been approved — about half of the total amount the bank plans to disburse this year.
- At least BRL...