Brazil and China create production cooperation fund worth US$20 billion

29 June 2015

Brazil and China decided to create the Brazil/China Cooperation Fund for Expansion of Production Capacity with a budget of US$20 billion, according to an official announcement made last Friday, 26 June 26, in Brasilia.

The general secretary for Political Affairs of the Brazilian Ministry of Foreign Affairs, José Alfredo Graça Lima, said after the meeting of the Sino-Brazilian High-level Commission for Coordination and Cooperation (Cosban), that China would provide US$15 billion and Brazil the remaining US$5 billion.

“The aim of the fund is to finance priority projects in logistics and industry through Chinese companies with Brazilian partners,” the ambassador said.

The fourth plenary session of the High-level Commission, a form for political dialogue at the highest level between Brazil and China, was coordinated by Vice President Michel Temer and the Deputy Prime Minister of China, Wang Yang.

After the meeting, Wang Yang said China was willing to import an increasing number of Brazilian products, including industrial products and announced that a technical mission from China was currently in Brazil to inspect locally produced beef and to increase imports of the product. (macauhub/BR/NC)