The Chinese government put forward a proposal to create a $35 billion investment fund to finance infrastructure and development projects in Latin America, Brazilian President Dilma Rousseff told reporters. According to her, the funds were offered by China as a key step toward closer ties with the region. Rousseff also mentioned that the proposal was announced at the BRICS leaders' meeting. China’s representatives offered to divide the funds into three parts. The proposal includes an initial $20 billion fund for infrastructure projects, a preferential credit line of up to $10 billion, and the remainder $5 billion fund for specific projects China will invest in at its discretion. Brazilian president noted that the fund could be boosted by virtue of the rest BRICS countries (Brazil, Russia, India, and South Africa).
