Brazilian president pledges a million homes for the poor

Brazil’s president said he plans to provide funding for the construction of an additional one million homes that will be owned by the poor in Latin America’s largest nation.

President Luiz Inacio Lula da Silva’s programme that helps the poor buy apartments initially envisioned construction of one million homes.

But Mr da Silva told business executives in El Salvador that he will expand it to eventually build twice that many.

The popular programme – known as My Life, My Home – funnels loans from state banks to poor Brazilians who probably would never be able to own homes without the help.

The campaign was announced amid the global financial crisis and has also helped Brazil’s important construction sector.


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