Brazilian president in spending pledge

President Luiz Inacio Lula da Silva has pledged massive spending to build highways, railways, ports and housing projects in a bid to help ensure Brazil’s economy maintains its brisk expansion.

Millions of jobs would be created as Brazil became an “immense construction site”, the nation’s first working-class president said in a 10-minute year-end speech.

He said 500bn Brazilian Reais (€194.39bn) would be invested in transportation, energy, housing and sanitation projects in the next few years.

Another 17.5bn Brazilian Reais (€6.8bn) would be spent improving public safety and education up to 2010.