Brazil’s Development Bank and the Export-Import Bank of China agreed to create a $1 billion fund that will invest in sectors such as energy transition, infrastructure, mining, agriculture and artificial intelligence.

BNDES, as the Brazilian bank is known, will provide $400 million and China’s CEXIM will come up with $600 million for the initiative, according to a statement. The new fund, which will start operating in 2026, will invest in debt securities and equity stakes in Brazil.