BEIJING – China and Brazil signed 14 cooperation agreements, including deals for Chinese investment in railway, nuclear and electricity projects in the South American nation, after the countries’ presidents met on Friday.
Xi Jinping welcomed Michel Temer with a military ceremony at the entrance of the Great Hall of the People in Tiananmen Square; then after around an hour-long meeting, the two heads of state presided over the signing of the accords.
The highlights include an agreement the China Development Bank and its Brazilian counterpart, state development bank BNDES, signed for a future $3 billion credit line.
China Communication and Construction also signed a $700 million deal for the construction of a terminal at the Port of Sao Luis, while a $300 million loan deal was reached between the Exim Bank of China and Banco do Brasil.
Other agreements confirmed investments by Chinese state-owned firms in several Brazilian infrastructure projects.
China Railway Engineering Corporation agreed to participate in the Bamin-Fiol-Porto do Sul rail line, while State Grid Corporation of China will work on a high-voltage transmission line linking Xingu and Rio de Janeiro.
China National Nuclear Corporation also will participate in Brazil’s Angra III nuclear power plant project.
The agreements, along with Temer’s visit to the Asian nation, “lift coordination between Brazil and China to new heights,” said the Chinese Foreign Affairs Ministry’s deputy director general for Latin America and the Caribbean, Zhang Run.
The two presidents also stressed the need to coordinate China’s $1 trillion New Silk Road plan for global telecommunications and infrastructure projects with Brazil’s new development plan, which Temer is to present in detail to Chinese business leaders on Saturday.
A major goal of the Brazilian president’s visit to China is to present his recently announced nationwide privatizations and public works program, the linchpin of his plan to consolidate the nation’s tepid recovery after two years of recession.