On May 19 (Brasilia Time), by the witness of Chinese Premier Li Keqiang and Brazilian President Rousseff, ICBC entered into cooperative agreements with multiple local enterprises including Vale of Brazil, Caixa Econmica Federal, Petrobras and Azul Airlines, which covered cooperation in the areas of finance, infrastructure construction, resources, energy and aviation to support Chinese enterprises going global and the sustainable development of Brazil and the broader Latin America.

The financial cooperation memorandum signed between the Bank and Vale of Brazil was intended to facilitate the export of Chinese equipments and provision of packaged financial services to the company. Under the cooperation MOU signed with Caixa Econmica Federal, both sides would focus on providing comprehensive investment and financing solutions to overseas Chinese enterprises and local Brazilian companies in the green sectors of clean energy, infrastructure and eco-agriculture. The three-party MOU signed with China Electronics Corporation showed great interest of all parties in seeking cooperation in environmental protection projects. ICBC Leasing, a wholly-owned subsidiary of ICBC, entered into a USD3-billion cooperation framework agreement with Petrobras on the leasing of marine engineering equipment and assets; and an aircraft leasing agreement with Azul Airlines, under which ICBC Leasing would provide funding for its purchase of 8 E-190 jets manufactured by Embraer, and deepen bilateral cooperation in aircraft leasing.

Brazil and China are both “BRICS” members. Brazil is also China’s largest trading partner and comprehensive strategic partner in Latin America with huge development potentials. ICBC established a subsidiary in Brazil in 2013. During the two years since its founding, ICBC (Brazil) has contributed over USD 3 billion to the local industries of agriculture, energy and aircraft leasing.In the coming 3-5 years, the Bank, by continuing to leverage localized advantages, will strengthen investment and financing cooperation in sectors of clean energy, infrastructure and eco-agriculture, step up its support of overseas Chinese enterprises and local Brazilian enterprises, boost the Brazilian economy and promote sustained development of the region.