Last Updated January 30, 2012
Brazil and Africa forge trade pact
The African Development Bank (AfDB) and Brazilian Development Bank (BNDES) have agreed a long-term agreement to boost financial cooperation in the two regions.
The meeting was held last Wednesday in Davos, Switzerland during the ongoing World Economic Forum.
AfDB president Donald Kaberuka and BNDES president Luciano Coutinho agreed to work together in the areas of agriculture and agribusiness, energy, and hydro energy and logistics.
The banks also agreed to encourage Brazilian foreign direct investment in Africa and proposed ideas to finance another project preparation facility (PPF) in the form of a revolving fund.
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