China will invest US$50 billion in Brazil to help overhaul infrastructure in the South American nation, said José Graça Lima, Brazilian Undersecretary of State.

News agency Agence France-Presse reported that China’s investments would cover various sectors from transport to energy. Brazil hosts the 2016 Summer Olympic Games, to be held in Rio de Janeiro. The country is keen to use the event as both a showcase and an impetus for fresh investment.

“There are US$50 billion in new projects,” Mr Graça Lima was quoted saying, adding more details will only be unveiled this week amid China’s Premier Li Keqiang visit to the nation. The agreements are expected to be signed on Tuesday, May 19.

Mr Li began an official three-day visit to Brazil on Monday, as part of his tour among four Latin American nations from May 18 to 26.

It would also take “three to four years” to build a railway between Brazil and Peru, said Mr Graça Lima. China’s President Xi Jinping said last year during his visit to Brazil that China hopes to help build such a transcontinental railway.