Brazil raises $620m in huge concession auction

SAO PAULO: Brazil wrapped up a massive auction Friday for concessions to operate 22 airports, a rail line and five ports with a total take of $620 million and planned investments of $1.75 billion in all. The three-day auction was seen as a risky bet by some analysts, coming as Brazil reels from a new surge of Covid-19 that is weighing down Latin America's biggest economy.

But President Jair Bolsonaro's government mostly managed to attract strong bids, seeking to show Brazil remains an attractive destination for private investors.

Despite the pandemic, which has now claimed nearly 350,000 lives in Brazil, the government was keen to underline its commitment to long-delayed plans for large-scale privatizations and concessions of state-run companies and infrastructure.