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January 2, 2014

$500M port in Uruguay mostly funded by Brazil

Associated Press

MONTEVIDEO, Uruguay — Uruguayan President Jose Mujica says Brazil will fund 80 percent of a new deep-water port that will get around Argentine efforts to control shipping in the South Atlantic.

Mujica told the Republica newspaper in an interview published Tuesday that construction will begin in about a year on the $500 million project in Rocha, Uruguay, and that Brazil will pay for most of it through trade bloc Mercosur's Fund for Structural Convergence.

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