China and Russia will assist in the construction of what was referred to as a “transport corridor” connecting Brazil and Chile if the scheme is approved, Russian state-controlled news service Sputnik reported.

José Rubens de la Rosa, chairman of Brazilian delegation in BRICS Business Council, on Wednesday told Sputnik that the South American country proposed to link Brazil’s southeastern port of Paranaguá to Chile’s northern port city of Antofagasta; via Argentina and Paraguay.

He made the remarks on the sidelines of the 7th BRICS Summit being held in Russia on Wednesday and Thursday. BRICS refers to a bloc of five emerging economies – Brazil, Russia, India, China and South Africa.

Mr de la Rosa stressed negotiations about the “corridor” were still in the “initial stages”, adding China and Russia “may become the largest participants” in the project – if it is approved – due to their experience with infrastructure building and infrastructure technology.

China’s state-run news agency Xinhua reported that the New Development Bank, a lender formed by the five BRICS nations, would start operations in January 2016 with an initial capital of US$50 billion. Projects to be financed by the newly formed institution would be reviewed during the summit added Xinhua.

In May, China, Brazil and Peru announced they would start a feasibility study on building a railway between the latter two countries. The scheme is expected to receive financial and technological support from China.