China Expands Brazil Frontier as Investment Grows During Crisis

China Expands Brazil Frontier as Investment Grows During Crisis

Chamber Articles Category: Economic News Post Date: 04/26/18 Source: Bloomberg By: David Biller
Article Content

Building a major port in Brazil is the type of project that would hardly fall into the hands of a Chinese company. At least not until the largest Brazilian builders went down in the aftermath of a corruption investigation.

After acquiring a local builder last year, Beijing-based China Communications Construction Co broke ground in March on a port in the northeastern state of Maranhao that will ship millions of tonnes of agricultural exports per year, most of them likely soybeans that will find their way to the Chinese market. The 1.8 billion-real ($520 million) investment is being financed by Industrial & Commercial Bank of China Ltd., the world’s largest lender by assets, which set up shop in Brazil in 2013. Read Full Article