Of the money China lent to Latin American countries between 2005 and 2016, Brazil borrowed more than all the other counties combined, Moody’s Investors Service says.
The credit rating agency issued a written statement saying Brazil borrowed 53 percent of the US$222 billion or so China lent to Latin America.
Moody’s says Brazil spent half the money it borrowed on infrastructure and one-third on energy projects.
The statement says Brazil also received more Chinese investment than any other Latin American country between 2003 and 2016.
“The investment reflects an interest in boosting the growth of Chinese companies in Brazil, as well as trade between the two countries,” Moody’s says.
