Brazil says it has accepted China’s invitation to join a Beijing-backed international infrastructure bank.
A short statement emailed by the presidential office on Saturday says the Brazilian government “accepted China’s invitation to participate in the Asian Infrastructure Investment Bank as a founding member.”
“Brazil is very interested to be part of this initiative aimed at guaranteeing financing for infrastructure projects in Asia,” the statement says.
The new bank reflects both China’s desire to push investment in the region and its frustration with U.S., Japanese and European dominance of the World Bank, International Monetary Fund and Asian Development Bank.
The new lender would fund the construction of roads, railways, power plants and telecommunications networks in Asia that global finance officials say are needed to keep the region’s economies humming.