By Rogerio Jelmayer
SÃO PAULO--The Industrial & Commercial Bank of China Ltd.
plans to start a fund of up to $50 billion, to be managed by
Brazil's state-owned bank Caixa Economica Federal, for investing in
infrastructure projects in the South American country, according to
a person familiar with the situation.
Details of the new fund will be announced in the next week,
during the visit of Chinese Prime Minister Li Keqiang to Brazil,
said the person, who declined to be identified.
A Caixa spokeswoman declined to comment, while ICBC's press
department wasn't immediately available to comment.
The fund will be used to finance projects mainly in the
railroad, energy and agricultural sectors. China is Brazil's
biggest trade partner, mainly due to the Asian country's strong
appetite for Brazilian commodities such as soy and iron ore.
The fund would increase China's involvement in the Brazilian
economy.
Last month, the China Development Bank opened a $3.5 billion
line of credit for Petróleo Brasileiro SA, or Petrobras, as the oil
company struggled to get its accounts cleared by auditors amid a
massive corruption investigation.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
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