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China to create US$20bn infra fund for LatAm

Publish in 18 July of 2014

China has committed US$20bn in infrastructure project financing in Latin America and the Caribbean after President Xi Jinping's meetings with regional leaders this week in Brazil during the BRICS summit.

Brazilian President Dilma Rousseff said the fund will start with US$10bn and will be available in 2015.

"The Chinese government has proposed some actions to strengthen relationships with Latin America such as launching a fund specifically to finance infrastructure projects with US$20bn," Rousseff told reporters. "That's an exclusive proposal from China."

Xi Jingping met with a dozen Latin American and Caribbean leaders, including Chile's Michelle Bachelet, Colombia's Juan Manuel Santos and Ecuador's Rafael Correa.

China has been actively involved in infrastructure projects in Latin America, from railroads in Argentina and Brazil to a proposed US$40bn canal in Nicaragua, among other energy and logistics projects.

China will also create a preferred credit line for the region for up to US$10bn, and another US$5bn for other projects.

Source: BNAmericas

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