Brazil and China create cooperation fund

Brazil and China decided to create the Brazil/China Cooperation Fund for Expansion of Production Capacity with a budget of USD20 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.