China inks €47.5bn agreements in Brazil

Chinese PM Li Keqiang and Brazil's President Dilma Rousseff signed a multibillion-dollar series of trade and investment deals in Brasilia on Tuesday.

Both heads of state agreed to carry out 35 bilateral cooperation agreements on trade, investment, agriculture, energy and transport worth €47.5bn.

Li Keqiang also announced his country will give a €5.6bn loan to the Brazil's oil giant Petrobras, which is allegedly involved in a major corruption scandal together with more than 50 of the country's politicians.

Earlier in 2015 the company had signed another €3.1bn deal with the China Investment Bank.

Read more: Petrobras reports record loss from corruption-linked writedowns

China will develop a $10bn project in order to build a 3,500 kilometres railway that will connect the key southeastern Brazilian port of Santos to the Peruvian Pacific port of Ilo.

Chinese investment would also be used in Rouseff's country to purchase ships in order to transport iron, one of the most imported materials, along with soybeans.

China and Brazil are playing a leading role in the construction of a new global order

Rousseff said both countries were having a "new intensity in our relations."

"China and Brazil are playing a leading role in the construction of a new global order," she added.

China has managed to become the country's major investor, after surpassing the United States in 2014.

Brazil was the Chinese PM's first country to visit in the region in its tour through Latin America in which he will also visit countries such as Colombia, Peru and Chile.

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