China’s Eximbank has extended a $5 billion credit line to Brazil iron ore producer Vale to buy or lease ships and shipping equipment from Chinese companies, according to reports.
The offer was formalized on Thursday in a meeting Brazi’s president, Dilma Rousseff, had with China’s leader, Xi Jinping.
One of the issues Brazil was trying to solve with China was an impasse over China's refusal to allow giant, bulk iron ore carriers used by Vale to dock at Chinese ports.