Brazil has borrowed US$1 billion from the Inter-American Development Bank (IDB) to boost ICT infrastructure and foster digital transformation in all its economic sectors.
The fund will also be used for building a strong digital talent pool and encouraging private sector firms to adopt new technology tools.
The money, according to the IDB, will be distributed among state governments, federal government agencies, and banks.
Also part of the program is a plan to build data centers in order to improve international telecom connectivity.
The South American country has recently unveiled a technology program called ‘Brazil Plus Digital’, saying it wants to grow into a regional digital hub.
Analysts say Brazil can achieve its goal only if all major players – government agencies, private companies, and academia –– co-ordinate with one another.
The IDB has not explained how it will help Brazil overcome the talent shortage, which has long been hampering the growth of the country’s IT services industry.
“Ceará will be the first state to benefit from the CCLIP, with a $28 million loan under the Digital Government agenda aimed at implementing the digitalization of the Judiciary Branch of government, increasing its efficiency and user satisfaction,” the lender stated in a press release.