Banco do Brasil received a US$ 500 million (R$ 2,576.8 million) loan from the China Development Bank (CDB) through its subscriber in Grand Cayman. The loan was signed on January 12 and is the first such financing between the two banks.
The China Development Bank was established in 1994 as a public entity with 38 offices, including an agency in Hong Kong, and five others in Cairo, Moscow, Rio de Janeiro, Caracas, and London. It provides medium- and long-term financing and its objectives include the development of the Chinese economy, focusing on the following areas: national infrastructure, primary industry, and urban and regional development —mainly through the financing of small enterprises—, rural investment, and environmental initiatives. CDB has made numerous loans to Latin American and Caribbean countries, reaching nearly $100 billion over the past 15 years. The CDB mostly provides loans to finance energy and infrastructure projects in the region, with Brazil, Venezuela, and Ecuador receiving the most investments.