The US export-import bank (US Ex-Im) has authorised US$1bn in export credit for infrastructure projects in Brazil’s Rio de Janiero state.

The state will be able to access the financing for buying goods and services from US exporters, which will be used for various infrastructure projects, including those associated with flood relief, the upcoming 2014 World Cup and the 2016 Olympics.

Brazil is expected to spend US$200bn in additional infrastructure across the country.

“Brazil is an emerging economy with extensive infrastructure needs, and this authorisation will provide further opportunities for American exporters and small business owners,” says US Ex-Im chairman and president Fred Hochberg.

“American business is second to none, and it is important that we encourage our businesses to compete globally.”

Hochberg was travelling in Brazil with US President Barack Obama when he made the announcement.