Banco do Brasil (BB) and the China Development Bank (CDB) have signed a US$ 1 billion commitment agreement. The agreement was signed in Beijing, during President Luiz Inácio Lula da Silva's trip to China. Signed by Banco do Brasil's Vice President of Wholesale Business, Francisco Lassalvia, and CDB's Vice President, Wang Peng, the agreement aims to increase financial cooperation between the institutions and expand financing for Brazilian and Chinese companies.

The agreement provides for a line of credit, with a term of up to five years, which will allow Banco do Brasil to expand its financing operations in the areas of infrastructure, agribusiness, exports and imports. The initiative will benefit Brazilian and Chinese companies operating in Brazil, contributing to bilateral economic development.

(Source: Agência Brasil, on May 14)