LatinFinance - Latin America-China Investment Guide 2016 CLONE - 65
CHINA
LOANS
China's policy lenders have been key to projecting the country's
economic influence in Latin America even as it pursues a renewed strategic
focus on Asia. By Tom Nelthorpe
Old flame
Changing Chinese priorities
It also finds China taking a new approach to projecting its economic influence in Latin
America and the wider world. Two new China-inspired development lenders - the New Devel-
Source: Istockphoto
I
t was a brief moment of good
news for Brazil's national oil company
Petrobras. In February, as it reeled
from a combination of low oil prices
and the impact of the rolling Lava
Jato corruption scandal, it was able to
point to a substantial potential influx
of new funding.
On 26 February, the then-chief
executive officer, Aldemir Bendine,
and the president of the China Development Bank (CDB), signed a term sheet for a $10 billion loan in Rio de Janeiro. At the same
time, the two also agreed for Petrobras to supply oil to Chinese consumers. This built on a cooperation agreement that Petrobras and China had signed during a visit by China's premier,
Li Keqiang, to Brazil in May 2015.
In one sense, these deals simply extended an existing relationship. CDB had lent Petrobras a similar amount in 2009, alongside a similar set of supply agreements, with the aim of
helping Petrobras finance some of its pre-salt exploration and drilling work. But the latest
financing finds Brazil in a different place - economically and politically - and the oil industry
undergoing severe belt-tightening.
BURNING BRIGHT: More than half of the
loans from China's official lenders to Latin
America have gone to the energy industry
opment Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB) - are now
in operation. China has also established
three funds - for infrastructure, productive
capacity and regional cooperation - focused
on the region, notes Margaret Myers, director of the China and Latin America program
at the Inter-American Dialogue.
September/October 2016 - L ATINFINA NCE.COM 65
http://www.LATINFINANCE.COM
Table of Contents for the Digital Edition of LatinFinance - Latin America-China Investment Guide 2016 CLONE
Contents
LatinFinance - Latin America-China Investment Guide 2016 CLONE - Cover1
LatinFinance - Latin America-China Investment Guide 2016 CLONE - Contents
LatinFinance - Latin America-China Investment Guide 2016 CLONE - 57
LatinFinance - Latin America-China Investment Guide 2016 CLONE - 58
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