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The Minister Denied That There Was a Request for Counterpart for Investments from the Saudis and Claimed That the Saudis Want to Access Latin America from Brazil.
Today, the federal government announced that the sovereign fund of Saudi Arabia will invest up to US$ 10 billion in projects in Brazil, about R$ 40 billion at the current exchange rate. The announcement was made by Ministers Onyx Lorenzoni (Civil House) and Ernesto Araújo (Foreign Relations) in Riyadh, the capital of the Arab country. In parallel to the president’s visit to the Emirates, Roberto Ardenghy, Institutional Relations Director of Petrobras, participated in a seminar in Abu Dhabi, where he informed about the state-owned company’s search for buyers for its refineries in the Gulf.
However, no specific investment was announced, nor were dates established for the arrival of the funds, but the trend is that infrastructure and agribusiness projects will take priority.
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According to the ministers, President Jair Bolsonaro (PSL) committed to work together with the fund in facilitating initiatives, including information on legislation.
The group will be allocated in the Civil House. The amount will come from the Saudi Public Investment Fund (PIF). According to Onyx, the work to implement the investments will begin “immediately” upon the return of the presidential delegation to Brazil.
The Investment Partnership Program (PPI) will have a large number of offers throughout next year, including in the areas of oil and gas, ports, airports, highways, and railways. He also said that there is a “great possibility of investment” in the Ferrogrão railway, a 1,000 km long project that would connect Mato Grosso to Pará.
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The estimated cost of this project is approximately US$ 3 billion. The minister denied that there was a request for counterpart for investments from the Saudis and claimed that the Saudis want to access Latin America from Brazil.
He stated that reforms promoted by the government, such as pension reform, and measures to reduce bureaucracy were important to attract the sovereign fund.
According to the federal government, Brazil is the sixth country to receive investments from the Saudi sovereign fund. The others are the United States, Japan, South Africa, Russia, and France. The ministers emphasized that the amount is the same as the one invested in Russia and double that of France.
Brazil and Saudi Arabia are also negotiating to facilitate the entry of tourists from both countries into their territories. The intention is for the permits to be valid for up to five years, payment fees to be reduced, and more entry modalities to be released.
Mubadala is one of the two large sovereign funds of the United Arab Emirates. The intention is to invest in ports, roads, mining, real estate, and entertainment. @renovamidia
— Jair M. Bolsonaro (@jairbolsonaro) October 29, 2019
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