Bank of China to Open in Brazil Starting Early 2009

After a request in August 2007 to operate in Brazil, the Bank of China was finally granted permission and will officially open its doors in early 2009, according to China’s ambassador to Brazil, Chen Duqing. Brazilian President Luiz Inácio Lula da Silva signed the agreement last Friday.

At this time, the main focus of the Bank of China in Brazil will be to offer financing to Chinese companies looking to do business the country, said president of the Brazil-China Chamber for Economic Development Sao Paulo (CBCDE), Paul Liu.

The Development Bank of China is already doing business in Brazil, and has already funded a couple construction projects. They are also looking to expand their operations by focusing on larger infrastructure projects like energy, ports and railways.