September 1, 2006
Ploughing profits into projects.With strong Asian demand for metals and sky-high prices for commodities, resource-rich Latin American countries should be swimming in cash for public works and social projects. Instead, stories of mismanagement still abound. In the Peruvian Andes, tax money has been ploughed into palatial six-story town halls and municipal swimming pools in communities where more than a third of the population lives without running water or proper sewage. In Caracas, Venezuela's oil wealth can't cure an acute housing crisis, and the mayor is trying to seize a private golf course for Greenfield construction. Even Chile, which effectively socks away riches from histori
With much of Latin America riding the commodity boom, countries are debating how best to invest the cash. Infrastructure remains a top option.