Array
Brazilian President Luiz Inácio Lula da Silva was in the Chinese financial hub of Shanghai on Thursday as he looks to boost ties with the South American giant’s biggest trade partner and win political support for attempts to mediate the conflict in Ukraine.
Lula arrived late Wednesday and is due to meet with his Chinese counterpart Xi Jinping in Beijing on Friday before concluding his visit on Saturday.
The Brazilian government says the sides are expected to sign at least 20 bilateral agreements during Lula’s trip, underscoring the improvement in relations following a rocky patch under predecessor Jair Bolsonaro.
In Shanghai, Lula will also attend the official swearing in of close adviser and former Brazilian president Dilma Rousseff as head of the Chinese-backed New Development Bank.
The institution posits itself as an alternative to the International Monetary Fund and World Bank that are controlled mainly by the U.S. and its Western allies. It is focused on the so-called BRICS group of developing nations made up of Brazil, Russia, India, China and South Africa.
Established more than seven years ago, the bank has approved 99 loan projects totaling more than $34 billion, mainly for infrastructure projects, according to China’s Foreign Ministry.
Much of that credit has gone to Brazil for projects such as a metro system in the business capital of Sao Paulo.
