Brazil port operator Libra to invest BRL1.2 bln in five years

Brazil’s Grupo Libra plans to invest 1.2 billion Brazilian reais during the next five years to double capacity at its seaports, Estado de S. Paulo newspaper reported.
Libra, which currently handles about 15% of traffic at the Latin American country’s container terminals, may use part of the money for acquisitions in the port services area or other transport sectors, Estado said, citing company president Marcelo Araujo.
Santos port, the biggest in Latin America, will receive about BRL550 million of the investment to join existing ports in order to increase efficiency. The company currently operates in five different locations at the port, Estado said.
The company also plans to spend BRL250 million to expand its operations in Rio de Janeiro as well as invest BRL350 million to build a new port in the southern state of Santa Catarina.
A study released by Brazil’s national federation of industries, known as CNI, said Brazil’s transportation infrastructure is inadequate and creates an “extremely unfavorable” environment for the country’s companies. According to CNI, the World Economic Forum ranked Brazil’s seaports the eighth-worst among 133 countries studied.