China Hands Brazil Multi-Billion Dollar Lifeline for Oil
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China extended billions of dollars in loans and investment to Brazil as the South American nation reels from a slowing economy and a corruption scandal engulfing its largest oil producer.
China Development Bank and the Asian country’s export credit financing agency agreed to provide a total of $7 billion in financing for Brazil’s state-run energy company Petroleo Brasileiro SA. And Tianjin Airlines signed a contract to buy 22 jets from Sao Paulo-based Embraer SA.