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Brazilian national development bank BNDES has signed an MOU with the Japan Bank for International Cooperation (JBIC) with the aim of providing up to US$3bn in funding for infrastructure projects in Brazil and Japan, BNDES said in a statement.
The joint financing plan will see a strong focus on investments related to transportation.
The agreement is also part of BNDES's strategy to diversify its global funding sources with international financial institutions, as well as to increase its investments in collaboration with multilateral agencies and government agencies, the statement reads.
This is BNDES's 14th agreement with JBIC and its antecessor, The Export-Import Bank of Japan, a partnership dating back 50 years.