Novo PAC

The Programa de Aceleração do Crescimento, better known as PAC, is a major infrastructure program of the Federal government of Brazil. The program was launched on January 28, 2007, by the Lula da Silva administration, consisting of a set of economic policies and investment projects with the objective of accelerating economic growth in Brazil. The program had a budget of $503.9 billion reais for the 2007-2010 quadriennium. The money pledged to be spent on this program was to be around R$ 500 billion over four years. However, by 2010 many projects remained mired in bureaucracy, and only 11% of the projects outlined in the plan had been completed, while just over half had not even been launched.