Asian Infrastructure Investment Bank to provide funds to boost Brazil's development

The Asian Infrastructure Investment Bank (AIIB) is ready to provide a large amount of funds to stimulate Brazil's economic and social development. This was announced by the bank's president Jin Liqun at a meeting with Brazilian President Luiz Inacio Lula da Silva. BRICS Bank President Dilma Rousseff and Finance Minister Fernando Haddad also took part in the discussions.

An AIIB spokesman said the bank has already developed three projects for Brazil worth US$350 million. President Jin Liqun said the meeting only focused on intentions for long-term co-operation, including with the BRICS New Development Bank.

"Brazil is part of the AIIB, which invests in development projects outside Asia. We talked about the possibility of expanding the bank's investments and contribution to the economic and social development of our country"

Luiz Inacio Lula da Silva Brazilian President

Liqun added that the two sides agreed to realise promising projects such as the construction of infrastructure, railways, airports, seaports and the use of renewable energy. This is reported by Toda Palavra, a partner of TV BRICS.