Brazil to invest money in technology, science and innovation

Brazil will invest 41.2 billion reals (US$23.5 billion; 15.9 billion EUR) in technology, science and innovation in the next three years.

Photo: Brazil to invest money in technology, science and innovation

The government said the investments are part of its "Growth Acceleration Project," which will continue until 2010.

Funding will go to technological education centers, scholarships, scientific projects and incentives for private research.

The government plans to invest 1.5 percent of the nation's gross domestic product in technology, up from the current 0.5 percent.

Earlier Tuesday Silva said the recent discovery of a huge oil field "proves that God is Brazilian."

State-run Petroleo Brasileiro SA said reserves at Tupi field could be up to 8 billion barrels of oil equivalent, which could put Brazil among the ranks of the world's major exporters.