At the Mercosur summit in Paraguay, Brazil pledged 100 million dollars a year to the bloc's shared development fund, even as the group drifts rightward.
Mercosur · Economy
Key Facts
—The pledge. Brazil committed about $100m a year to the bloc’s structural convergence fund, formalised by Lula at the summit in Asunción.
—The fund. Known as FOCEM, it bankrolls roads, sanitation and other projects in the bloc’s poorer regions, with Paraguay the biggest beneficiary.
—The share. Brazil already supplies roughly 70% of the fund’s money, and is now asking Argentina and others to lift their contributions too.
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