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$20-billion China-Brazil fund launched to boost production capacity cooperation

By Jiang Jie (People's Daily Online)    14:41, June 01, 2017

Chinese Ambassador to Brazil Li Jinzhang makes announcement (photo/Chinese Embassy in Brazil)

The long-expected China-Brazil investment promotion fund of $20 billion to increase production capacity cooperation has been officially launched in Sao Paulo,

The announcement was made at the 2017 Brazil Investment Forum in Sao Paulo on May 31, local time.

The fund will support financial investment in basic infrastructure, manufacturing, agriculture, and IT industry projects. The first batch of programs will consist of 30 programs, and the list will be made public on June 1, local time.

The initial capital pool consists of $15 billion investment from China and $5 billion from Brazil. The fund will be operated by both sides and will be used so that both sides can cooperate on projects together.

The two countries agreed to set up a fund in May 2015 when Chinese Premier Li Keqiang visited Brazil.

In an interview with Xinhua News Agency, Chinese Ambassador to Brazil Li Jinzhang said that China-Brazil cooperation is at a key stage of transformation and upgrade and financing cooperation has been playing a helpful role over the past decades of bilateral ties.

“Production capacity cooperation stays at a prominent position in China-Latin America cooperation. Once the China-Brazil fund is in successful operation, it will help promote more countries to set up similar mechanism. I believe such new form of cooperation will have a strong vitality,” said Li.

Brazilian Planning Minister Dyogo Oliveira said the fund is going into operation at the right moment, given that Brazil’s two-year economic recession, the longest in its history, is showing signs of coming to an end, Xinhua reported.

“This launch is marked by particular importance, as it confirms the confidence between Brazil and China,” said Oliveira. “It is taking place at a time when we and our international partners are seeking support for projects in infrastructure, energy and technology.” 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hu Ximeng, Bianji)

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