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China launches US$10-bln co-operation fund for Latin America

China has launched a US$10-billion fund to support industrial co-operation with Latin America – including Brazil – the People’s Bank of China said in a statement on Tuesday.

The fund would provide medium- and long-term financing to major projects in that part of the world, the statement added, quoted by China’s official news agency Xinhua.

The fund will invest in manufacturing, technology, agriculture, energy, infrastructure and finance projects in Latin America, the agency reported.

“The fund is willing to work with both domestic and overseas institutions to push forward the upgrading of Sino-Latin American co-operation,” the People’s Bank of China note said.

The US$10 billion to set up the fund were raised via the China Development Bank and China’s foreign reserves.

Chinese Premier Li Keqiang first announced the setting up of the fund during his May visit to four Latin American nations, including Brazil.