Jeb Blount and Veronica Espinosa-Bloomberg, 06/30/2009
China Development Bank Corp., the government-run bank for public works projects, plans to open an office in Brazil next year to invest in ports, steel mills and energy, Rio de Janeiro state Governor Sergio Cabral said.
The bank expects to locate the branch in the city of Rio, home to the nation’s state-controlled oil company Petroleo Brasileiro SA, and Vale SA, the world’s largest iron-ore producer, by the middle of 2010, Cabral said in a statement. The Beijing-based bank agreed in May to lend $10 billion to Petrobras, as the oil company is known, and extended loans in June to Russia’s development bank.
Filed under: Trade, Economy and Development | Tagged: BRIC, China, development, Petrobras
