Brazilian Planning Ministry Secretary for International Affairs Jorge Arbache has said the managers of the Brazil-China Cooperation Fund for the Expansion of Productive Capacity are ready to consider projects in need of financing, Reuters reports.
The news agency quotes Mr. Arbache as saying the money in the fund is meant mainly for infrastructure projects, but that the managers will also consider requests for money for manufacturing, agriculture and technology.
The report says a committee of Brazilian and Chinese officials will decide where the money goes, taking into account the priorities of their respective countries. It says China is contributing US$15 billion to the US$20 billion fund and that Brazilian banks are contributing the rest.
The money is expected to go toward building railways linking soy-producing and corn-producing areas of Brazil to ports in the country, Reuters says. China is a big buyer of Brazilian grain.
