Chinese Premier Li Keqiang visits in Brazil. China will invest $50 billion in infrastructure development projects in Brazil.
The money will go for building a railway link from Brazil’s Atlantic coast to the Pacific coast of Peru to decrease the cost of exports to China.
The Chinese prime minister will also be visiting Colombia, Peru and Chile.
Brazil is trying to speed up the overhaul of its creaking infrastructure as it gears up for the Olympic Games next year amid a sharp economic slowdown exacerbated by slowing commodity demand in China.
China’s direct investment in Latin America totalled $99bn, according to Chinese government figures.