Jorge Arbache, Director of the International Affairs Department at Brazil's Ministry of Planning, told reporters on Monday that a China-funded fund worth $20 billion is ready to accept investment bid documents.
The two countries agreed last year to establish the fund, which is expected to provide funding support for railway construction in Brazil. The railway to be built will connect Brazil's soybean and corn producing regions with ports, and is expected to give a boost to Brazil's economy, which is slowly emerging from a deep recession.
China will also benefit, as it is a major buyer of Brazilian grain. Arbache said investment decisions for the fund will be made by a committee including Brazilian and Chinese officials, taking into account the priorities of both countries.