Ex-Im Bank announces financing for Brazilian FIFA-related projects

By Xinhuanet

RIO DE JANEIRO, March 21 (Xinhua) -- President of the U.S. Export-Import Bank Fred Hochberg announced on Monday a financing of 1 billion U.S. dollars for Brazilian companies involved in projects for the 2014 FIFA World Cup and the 2016 Summer Olympic Games. The money must be used to purchase products made by U.S. companies.

According to Hochberg, Brazil is one of nine countries the Bank considered priorities for investments, but also a country in which the Bank's operations evolve at a very slow pace.

Hochberg hoped the new financing serves as a beginning of a period of faster growth for Ex-Im Bank's operations in Brazil.

"This should be only the beginning, so that the financing to Brazilian companies reach a higher level," he said.

On Sunday, in a speech in Rio's Municipal theater, U.S. President Barack Obama said his country intends to help Brazil in the projects for the games.

"We need world-class infrastructures, which is why U.S. companies want to help you build and prepare this city for an Olympic success," he said.

Besides the financing for the Cup and the Summer Olympics, the Ex-Im Bank will release a 2 billion U.S. dollar credit to Brazil's state-controlled oil and gas giant Petrobras to purchase products from U.S. companies as well.