Brazil's state-owned firms invest most in 2013

Brazilian state-owned firms invested a record of 113.5 billion reals (47.291 billion U.S. dollars) in 2013, Brazil's Ministry of Planning, Budget and Management revealed Wednesday on its website. The biggest investment was made by the oil giant Petrobras, whose investment amounted to 99.2 billion reals (41.333 billion dollars) last year, accounting for 87.4 percent of the total investment, the ministry said. Brazil's electric utilities company Eletrobras ranked second with an investment of 7.2 billion reals (3 billion dollars), followed by the airport infrastructure firm Infraero with 1.6 billion reals (666 million dollars). The investment by state-owned firms has increased at an average growth rate of 11.8 percent year-on-year since 2003, the ministry said. The achievement was made thanks to the government's effort to enable these companies to play a leading role in the country's growth, director of the Department of Coordination and Governance of State Companies Murilo Barella said.