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LatinNews Daily - 30 October 2019

In brief: Saudi Arabia to invest up to US$10bn in Brazil

* Brazil’s foreign minister, Ernesto Araújo, and presidential chief-of-staff, Onyx Lorenzoni, have announced that Saudi Arabia has agreed to pursue investment opportunities in Brazil worth up to US$10bn, through its sovereign wealth fund, the Saudi Public Investment Fund (PIF). Speaking to the press after a meeting between Brazil's President Jair Bolsonaro and the Saudi Crown Prince Mohammed bin Salman, the ministers said that a cooperation council will be set up involving both governments and representatives from the private sector to establish the areas in which the funds will be invested. Lorenzoni evoked the possibility of the funds being invested in infrastructure projects, such as the construction of a railway line between the states of Pará and Mato Grosso.

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