September 26, 2017 |
When Brazil and China earmarked $20 billion for investments in June this year, it was the first time that either government had participated in a bilateral fund with another country. President Michel Temer had discussed forming an investment fund with China when he was vice president, before he took over from former President Dilma Rousseff. The plans faltered for a while, but both sides picked up the negotiations in the middle of last year and signed the official documents to create the fund just a few months ago.
China’s investment fund for Latin America, known as the CLAI Fund, will put in $15 billion, while the Brazilian government will provide the remaining $5 billion. Brazil’s national
A new bilateral fund managed by Brazil and China has billions of dollars to invest. But, as the foreign affairs secretary at Brazil’s Planning Ministry says, the exact strategy is still being defined