China is planning to invest up to 50 billion dollar in Brazil for new infrastructure projects. The deal is due to be signed by banks from both countries during a visit by Chinese Prime Minister Li Keqiang to Brazil next week. The money will go towards building a railway link from Brazil's Atlantic coast to the Pacific coast of Peru to reduce the cost of exports to China. Beijing said the fund will also finance a joint venture to produce steel. Brazil currently exports much of its iron ore to China.