New US initiative targets Brazil

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A new $1bn incentive scheme for Brazilian companies involved in projects for the 2014 FIFA World Cup and 2016 Olympics and Paralympics in Rio de Janeiro has been launched by the US Export–Import Bank following a visit to the country by president Barack Obama in March 2011.

Obama's visit there was partly to drum up business for US companies, adding that they want to " be one of your best customers" when Brazil starts pumping oil from offshore reserves. Fred Hochberg, the president of the Bank, said when launching the new initiative that the money must be used to purchase products made by US companies. " I'm hopeful that we can use this first $1bn for infrastructure as the beginning of building our portfolio and building our work with Brazilian companies, " he said. US Commerce Secretary Gray Locke also met privately with representatives from FIESP (Federacao das Industrias do Estado de Sao Paulo), which represents many of Brazil's leading companies. " There are many opportunities to increase bilateral trade and it will happen with the 2014 World Cup and the Olympic Games in 2016, " Locke said. " We can help with the infrastructure. ","43

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