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Brazil, U.S. sign memorandum of understanding for up to $1 bln trade financing

·1 min read

BRASILIA, Oct 20 (Reuters) - Brazil and the United States on Tuesday signed a memorandum of understanding to forge closer trade links, a step that could see U.S. Export-Import Bank finance up to $1 billion of exports to and projects in the Latin American nation.

According to Brazil's economy ministry, the agreement will see ExIm-Bank expand loans, guarantees and insurance to fund investment projects in Brazilian energy, mining, manufacturing, infrastructure, logistics and telecommunications, as well as other areas.

Brazil's Economy Minister Paulo Guedes said the agreement comes at the right time for Brazil, which is trying to deregulate and liberalize many areas of its economy, will boost bilateral trade, and help align regulatory frameworks.

Exim-Bank Chief Executive Kimberly Reed said it reflects the "solid and cooperative" relationship and alliance between the two countries.

The signing of the agreement coincides with a U.S. delegation visit to Brazil headed by National Security Adviser Robert O'Brien, in which Washington stepped up its offensive to keep China's Huawei Technologies out of Brazil's 5G market. (Reporting by Jamie McGeever)