Brazil announced on Tuesday the formation of a US$20-billion fund for infrastructure and industrial co-operation, the mainland’s state-run news agency Xinhua reports.

Brazil will contribute US$5 billion to the fund, with the balance supplied by Beijing.

The funds will help develop projects in sectors such as energy and mining, high technology and digital services, and agriculture and associated industries, Xinhua says.

The fund is the result of talks that followed the Brazilian President’s visit to China last month.